IVRCL down 2.6 pc as Essel group says no plan to hike stake now

MUMBAI: Shares of IVRCL settled over 2 per cent lower today amid Subhash Chandra-led Essel group saying it has no immediate plans to buy additional shares of the infrastructure company.

IVRCL was down 2.61 per cent to Rs 70.80 on the BSE. Over 80 lakh IVRCL shares exchanged hands on BSE against its two-week average of 48.23 lakh shares.

Other IVRCL group companies such as Hindustan Dorr Oliver plummeted 9.93 per cent to Rs 43.10, while IVRCL Assets plunged 4.99 per cent to Rs 54.30.

These stocks have gained considerably ever since Essel group's stake purchase became public last month, triggering expectations of a possible takeover bid.

Earlier today, Essel group said it has no immediate plans to buy additional shares of IVRCL Ltd, where it recently bought 12.27 per cent, as the promoters of the Hyderabad-based infrastructure company are not willing to sell their holding.

With 12.27 per cent stake, the Essel group has already overtaken the 11.18 per cent shares held by the promoters led by Sudhir Reddy.

Stating that it got interested in the infrastructure firm after being approached by IVRCL's investment bankers, Essel group said in a statement that the price sought for promoters' 11.2 per cent stake was "manifold above the then prevailing market price".