Essel Group has sold an additional 1.5% stake in the infrastructure firm IVRCL for a little over Rs 20 crore. Subhash Chandra-led Essel group’s entity Asian Satellite Broadcast has offloaded yet another 45.50 lakh shares of IVRCL at Rs 45.46 a share amounting to Rs 20.68 crore on the National Stock Exchange (NSE).
Earlier to the last week share sale, Essel Group firms-- Asian Satellite Broadcast and Jay Properties -- together held 10.68% stake in IVRCL, which now stands at around 1%.
Essel Group had acquired 10.2% in IVRCL in March, 2012 through secondary market transactions and subsequently increased it to 12.27% in April.
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.
