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IVRCL gains on plans to sell 1,600 acres of land

22 Dec 2011 Evaluate

IVRCL is currently trading at Rs. 29.70, up by 0.40 points or 1.37% from its previous closing of Rs. 29.30 on the BSE.

The scrip opened at Rs. 29.10 and has touched a high and low of Rs. 29.75 and Rs. 28.80 respectively. So far 89,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 135.75 on 04-Jan-2011 and a 52 week low of Rs. 28.00 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 34.90 and Rs. 28.00 respectively. The current market cap of the company is Rs. 793.00 crore.

The promoters holding in the company stood at 11.01% while Institutions and Non-Institutions held 43.04% and 45.95% respectively.

IVRCL is planning to sell as much as 1,600 acres out of its land bank that it had secured for its real estate development. The land spans across five cities: Bangalore, Pune, Chennai, Hyderabad and Visakhapatnam. The company has around 2,300 acres of land in total.

The company plans to use the cash from land sale as capital for future projects in its bid to reduce debt requirement.

Recently on December 13, 2011, Macquarie Bank acquired 1.5% stake in IVRCL. It bought 40 lakh shares of the company at Rs 33.5 a share amounting to Rs 13.40 crore.

IVRCL is engaged primarily in providing engineering, procurement, construction and commissioning services in major infrastructure segments including urban/rural water supply, irrigation and environment related projects, pipelines, power projects (substations and transmission and distribution lines), buildings and industrial structures, roads and bridges.

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