IVRCL zooms on the buzz of negotiating to sell assets

01 Oct 2014

IVRCL is currently trading at Rs. 16.40, up by 0.95 points or 6.15% from its previous closing of Rs. 15.45 on the BSE.

The scrip opened at Rs. 15.90 and has touched a high and low of Rs. 16.95 and Rs. 15.90 respectively. So far 294908 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 30.75 on 22-May-2014 and a 52 week low of Rs. 9.80 on 31-Jan-2014.

Last one week high and low of the scrip stood at Rs. 17.20 and Rs. 14.50 respectively. The current market cap of the company is Rs. 503.29 crore.

The promoters holding in the company stood at 13.70% while Institutions and Non-Institutions held 11.93% and 74.38% respectively.

IVRCL is reportedly in various stages of negotiations to conclude the sale of some of its assets, including the Chennai de-salination plant and a couple of road projects. The construction and infrastructure major, which had earlier this year secured a nod for a Corporate Debt Restructure (CDR), has also received interest from some Japanese investors in its realty initiative in Chennai.

The company is in the process of reducing its debt by way of sale of its assets to free up equity and have the debt burden released. As a part of this initiative, it had been in early arrangement with TRIL, a Tata Group entity, for sale of three of its road assets located in Tamil Nadu. However, the entire process is yet to be concluded.

IVRCL is engaged into engineering procurement and construction (EPC) activities in India. It conducts operations in 5 sectors namely Water and Environment, Transportation, Buildings, Power and Industrial Structures.

 

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