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IVRCL Shares Up On Company Split
IVRCL shares were trading higher on Monday after the company's board approved to split its construction (EPC) and assets business - land and build operate transfer (BOT) into two separate companies.
The carve out of the EPC business is to enable investment by potential equity investors.
The company said that the conversion of part of the debt into equity shares of the Company pursuant to invocation of Strategic Debt Restructuring by Joint Lenders Forum.
To carve out the business of the Company into "EPC Company" and "Assets Company" which includes Land/BOT and other assets, by way of Scheme of Arrangement subject to receipt of "No objection letter" (NOC) from the lenders/Joint Lenders Forum, approval of Hon'ble High Court of Andhra Pradesh & Telangana and any other approvals as may be required, the company said in the press release.
Shares of the company were seen trading at Rs 9.68 higher by 5.33 per cent on BSE at 1.57 pm IST. IT touched an intra-day hit of Rs 10.20 during the trade.
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