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IVRCL gains on inking definitive agreements to monetize 3 highway projects

02 Apr 2013 Evaluate

IVRCL is currently trading at Rs. 21.90, up by 0.15 points or 0.69% from its previous closing of Rs. 21.75 on the BSE.

The scrip opened at Rs. 22.45 and has touched a high and low of Rs. 22.80 and Rs. 21.35 respectively. So far 1291838 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 75.20 on 13-Apr-2012 and a 52 week low of Rs. 17.65 on 28-Mar-2013.

Last one week high and low of the scrip stood at Rs. 21.95 and Rs. 17.65 respectively. The current market cap of the company is Rs. 667.48 crore.

The promoters holding in the company stood at 13.70% while Institutions and Non-Institutions held 35.35% and 50.95% respectively.

IVRCL have signed a Definitive Agreements with the TRIL Roads (TRPL) to divest its stake in Salem Tollways (STL), Kumarapalayam Tollways (KTL) and IVRCL Chengapally Tollways (ICTL) with the total project cost of Rs 2,200 crore. The company has taken this step as part of its Strategic Business Plan to monetize its BOT Assets. The total deal consideration shall be realized upon satisfaction of certain agreement related conditions and upon NHAI and lenders approvals.

STL is operating the 53 kms of NH-47 from Salem to Kumarapalayam in Tamil Nadu, under a concession agreement signed with NHAI. The project commenced commercial operations in June 2010.

KTL is operating the 47 kms of NH-47 from Kumarapalayam to Chengapalli in Tamil Nadu, under a concession agreement signed with NHAI. The project commenced commercial operations in August 2009.

ICTL is developing the 54.83 kms of NH-47 from Chengapalli-Coimbatore-Walayar highway in Tamil Nadu under a concession agreement signed with NHAI. The project is expected to achieve the commercial operations during the first half of the financial year 2014.

Besides, IVRCL has further plans to divest in another three highway or water projects out of the total portfolio of 9 BOT projects and expecting this to take place in the next six months.

Peers
Company Name CMP
Larsen & Toubro 4094.95
Rail Vikas Nigam 303.10
NCC 161.30
KEC International 580.10
Kalpataru Projects 1232.90
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