IVRCL Infra hit by discounted block deal

DALAL STREET SPIKES

IVRCL Infrastructures lost over 6 per cent after a huge block was executed at a discount to yesterday's market price. In a deal between the two FIIs, Fidelity Management bought 13,86,387 shares at Rs 450 per share from Chrys Capital.

The deal was struck at 4.66 per cent below yesterday's closing price of Rs 472. More than 18.15 lakh shares were traded at the counter on BSE. Shares offered in IVRCL's recent pubic issue are yet to be listed on the bourses.

The company priced its IPO at Rs 395. Along with the overall sell-off, a block deal struck at the discount to the market price dampened the sentiment at the counter in Thursday's trading.

The counter, however, has been witnessing buying interest of late on back of strong order book and overall rally in construction stocks.

IVRCL has a strong order book of around Rs 2,500 crore as of March end.