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| IVR Prime board gives nod to merge IVRCL's BOT arms |
| BS Reporter / Chennai/ Hyderabad Nov 10, 2009, 00:14 IST |
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The board of directors of IVR Prime Urban Developers Limited, the publicly-listed real estate subsidiary of IVRCL Infrastructures and Projects Limited, on Monday approved the amalgamation of the latter's intermediary holding companies – IVR Strategic Resources and Services Limited (SRSL) and IVRCL Water Infrastructures Limited (WIL) – with itself.
At present, IVRCL Infra holds 100 per cent of the equity share capital of SRSL and WIL. As per the scheme of amalgamation, the shareholders of SRSL and WIL will receive 59.46 million fully-paid up equity shares of Rs 10 each in IVR Prime.
Post the scheme becoming effective, the issued and paid-up share capital of IVR Prime will increase from 64.15 million fully-paid equity shares of Rs 10 each to 123.61 million shares of Rs 10 each, the company said in a press release on Monday.
IVRCL holds 62.35 per cent in IVR Prime, 7-8 per cent by foreign institutional investors and 14.66 per cent by the promoters while the rest is with the public. The promoters holding in IVRCL currently stands at 9 per cent.
After the amalgamation, IVRCL holding in IVR Prime will increase to 80.46 per cent while the holding of IVRCL's promoters will decrease to 7.61 per cent, the release added.
"This merger will be fundamental to building scale and profitability. It will allow us to collaborate two different but group companies under one roof with expanded networth for larger projects. IVRCL as a brand will also be investing its pre-qualification and execution skills in this merger, which would place us in the competitive positioning," IVR Prime chairman and joint managing director E Sudhir Reddy said.
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