Essel Group sells 1.5% more in IVRCL, inches closer to exit

Inching closer to a exit from IVRCL Ltd, Essel Group today sold an additional 1.5% stake in the infrastructure firm for a little over Rs 20 crore.

The Hyderabad-based company's shares were sold today through bulk deal at NSE - after Subhash Chandra-led Essel Group firms had last week sold about 8% in IVRCL.

Essel group entity Asian Satellite Broadcast Pvt Ltd today offloaded yet another 45.50 lakh shares (amounting to 1.48% stake) of IVRCL at Rs 45.46 a share amounting to Rs 20.68 crore on the National Stock Exchange (NSE).

Prior to the last week share sale, Essel Group firms-- Asian Satellite Broadcast Pvt Ltd and Jay Properties Pvt Ltd-- together held 10.68% stake in IVRCL, which has now stands at around one%.

The sale transactions come around six months after Essel Group had expressed interest in raising its holding in the company and even emerged as one of the largest shareholders of the infrastructure firm.

Essel Group had acquired 10.2% in IVRCL in March, 2012 through secondary market transactions and subsequently increased it to 12.27% in April.

"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.

After falling for over 12% in the last two trading session, shares of IVRCL today rose by 1.45% to settle at Rs 45.45 apiece on the BSE.