JM Financial group has hiked its stake in Hyderabad-based IVRCL from 4.59 percent to 5.04 percent by buying of an additional 1.2 million shares. Following the acquisition, the Mumbai-based financial group’s equity holding in the infrastructure company has gone up by 0.45 percent.
JM Financial Products had created encumbrance of one million shares held as collateral to secure loans sanctioned. At the same time, another group company, JM Financial Services released encumbrance on 7,160 shares held as margin and acquired 2,08,000 shares from open market.
Recently, IVRCL was in the news, following Subash Chandra-promoted Essel group picking up 12.27 percent equity holding in the company, which was higher then that of the promoters holding of 11.18 percent.
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.