Essel Group offloads IVRCL shares worth Rs 68 cr

Essel Group today pared its stake in IVRCL with sale of shares worth Rs nearly 68 crore, around six months after it had expressed interest in raising its holding in the infrastructure firm.

Subhash Chandra promoted Essel Group, which held 11.26% stake in IVRCL through group companies -- Asia Satellite Broadcast Pvt Ltd and Jay Properties at the end of June quarter, sold shares in the company through various bulk deals on the two stock exchanges.

Jay Properties offloaded a total of 96.83 lakh shares of IVRCL for Rs 47.57 crore on the NSE and another 20.50 lakh shares of the Hyderabad-based firm in a deal worth Rs 10.33 crore on the BSE.

Besides, Asia Satellite Broadcast sold 19.75 lakh shares of IVRCL for Rs 9.91 crore on the BSE.

Essel Group, which had acquired 10.2% in IVRCL in March, 2012, through secondary market transactions and subsequently increased it to 12.27%, had said that the group is keen to increase its stake.

"In line with its philosophy to grow its infrastructure business to match and benefit from the rising proportion of infrastructure investment by India, the Essel Group has acquired a 10. 19% stake in IVRCL and is keen to increase it and is in the process of increasing it," Essel had said.

Shares of IVRCL plunged by six% to settle at Rs 47.70 apiece on the BSE, while the broader market Sensex closed with a gain of 1%.