Demerger discussions! IVRCL hits 20% upper limit

The scrip opened at Rs. 9.4 and has touched a high and low of Rs. 10.78 and Rs. 9.25 respectively

IVRCL hits 20% upper limit to Rs. 10.78 on BSE.  The company is likely to hold a bankers’ meeting in Mumbai next week to discuss a possible demerger of EPC business and property development business, joint Managing Director R. Balarami Reddy said.

On Friday, the company has made an allotment of 2,42,26,656 equity shares of Rs.2/- each, at issue price of Rs.24.39/- per share to CDR Lenders who have signed the Master Restructuring Agreement. This allotment is towards conversion of Funded Interest Term Loan (FITL) into equity, for the period of July 01, 2015 to September 30, 2015.

The scrip opened at Rs. 9.4 and has touched a high and low of Rs. 10.78 and Rs. 9.25 respectively. So far 1,13,64,563 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 456.3 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 21.3 on 03-Mar-2015 and a 52 week low of Rs. 6.52 on 21-Sep-2015. Last one week high and low of the scrip stood at Rs. 9.44 and Rs. 8.46 respectively.

The promoters holding in the company stood at 8.28 % while Institutions and Non-Institutions held 43.4 % and 48.32 % respectively.

The stock is currently trading below its 200 DMA.