IVRCL surges on entering into Share Purchase Agreement with Cube

21 Dec 2017 Evaluate

IVRCL is currently trading at Rs. 4.98, up by 0.77 points or 18.29% from its previous closing of Rs. 4.21 on the BSE.

The scrip opened at Rs. 4.60 and has touched a high and low of Rs. 5.05 and Rs. 4.60 respectively. So far 7,02,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 7.42 on 28-Jul-2017 and a 52 week low of Rs. 4.00 on 05-Oct-2017.

Last one week high and low of the scrip stood at Rs. 5.05 and Rs. 4.11 respectively. The current market cap of the company is Rs. 389.10 crore.

The promoters holding in the company stood at 5.37%, while Institutions and Non-Institutions held 55.97% and 38.67% respectively.

IVRCL has entered into Share Purchase Agreement (SPA) with Cube Highways and Infrastructure (Cube) for sale of the entire stake in two subsidiary companies Viz., Salem Tollways (STL) and Kumarapalayam Tollways (KTL). The completion of transaction and payment of consideration is contingent upon fulfilment of certain customary approvals from all concerned authorities and lenders of STL, KTL and IVRCL.

KTL operates 48.5 km stretch between Kumarapalayam and Chengapalli, on National Highway 544 (earlier NH-47), in the state of Tamil Nadu, under Build Operate Transfer (BOT) Toll mode. The project commenced operations in August 2009. STL operates a 53.5 km stretch between Salem and Kumarapalayam, on National Highway 544 (earlier NH-47), in the state of Tamil Nadu, under Build Operate Transfer (BOT) Toll mode. The project commenced operations in June 2010.


IVRCL is engaged in the business of development and execution of engineering, procurement, construction and commissioning (EPCC) and lump sum turnkey (LSTK) facilities in various Infrastructure projects.


Peers
Company Name CMP
Larsen & Toubro 3774.10
Rail Vikas Nigam 252.95
KEC International 694.00
Kalpataru Projects 1075.45
NCC 232.40
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