IVRCL jumps after allotting shares to Bank of Nova Scotia

IVRCL rose 6.83% to Rs 5.16 at 11:05 IST on BSE after the company said that it has allotted 6.46 lakh equity shares Rs 8.76 each to Bank of Nova Scotia.

The announcement was made after market hours yesterday, 14 June 2016.

Meanwhile, the BSE Sensex was down 25.71 points, or 0.10%, to 26,371.06.

On BSE, so far 6.88 lakh shares were traded in the counter, compared with an average volume of 2.38 crore shares in the past one quarter. The stock hit a high of Rs 5.27 and a low of Rs 4.95 so far during the day. The stock hit a 52-week high of Rs 12.85 on 7 August 2015. The stock hit a 52-week low of Rs 3.75 on 26 May 2016. The stock had outperformed the market over the past one month till 13 June 2016, rising 6.62% compared with 3.56% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 32.73% as against Sensex's 7.52% rise.

The small-cap company has an equity capital of Rs 156.45 crore. Face value per share is Rs 2.

IVRCL said that the allotment is pursuant to provisions of Companies Act, 2013 and SEBI (Issue of Capital Disclosure Requirement) Regulations, 2009 and implementation of Strategic Debt Restructuring (SDR).

IVRCL reported net loss of Rs 263.95 crore in Q4 March 2016 as against net loss of Rs 155.08 crore in Q4 March 2015. Net sales declined 36.52% to Rs 652.26 crore in Q4 March 2016 over Q4 March 2015.

IVRCL is a leading engineering, procurement and construction (EPC) and infrastructure company. Its core areas of work include value chain across sectors such as water & environment, irrigation, transportation and power distribution & transmission.

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