IVRCL Ltd is trading higher by 5% at Rs 67.85, extending its previous day’s 8% rally on reports of takeover of the company by Subhash Chandra’s Essel Group.
On Monday, Subhash Chandra-promoted Essel Group announced a strategic 10.19% investment in the company by picking up an additional 14 million shares from the open market using two group investment vehicles Asian Satellite and Jay Properties.
The investment bank JM Financial advised Essel in the recent round of share purchase, is also advising Essel Group to chalk out future plans with regards to IVRCL, the report suggests.
A combined 7.29 million shares have changed hands on the counter so far on both the exchanges.