Essel Group today sold 1.5% stake in IVRCL Ltd for about Rs 20 crore, lowering its stake in the infrastructure firm to about 3%.
The shares were sold today through bulk deal at NSE -- a day after Essel Group firms had sold 6.2% in IVRCL.
In today's trade, Subhash Chandra-led Essel Group firm Asian Satellite Broadcast Pvt Ltd sold 45.55 lakh shares (accounting for about 1.5% stake) at a price of Rs 44.7 per share.
Prior to the two consecutive days of 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 fallen to nearly three%.
The share sale comes around six months after it had expressed interest in raising its holding in the company.
Essel Group had acquired 10.2% in IVRCL in March, 2012 through secondary market transactions and subsequently increased it to 12.27% in April and 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 today fell more than 6% for the second consecutive day on the bourses. The scrip plunged by 6.08% to settle at Rs 44.80 apiece on the BSE. The company's market capitalisation stood at Rs 1,374 crore.
