Infrastructure developer IVRCL Limited is going slow on its proposal to monetise three more build, operate and transfer projects in the light of expectations that the Union government will soon take a decision to allow 100 per cent stake sale in BOT
Stake sale in three build-operate-transfer BOT road projects has come as big relief for IVRCL, which had in the past seen significant downgrades due to delay in monetisation of assets and increasing liquidity issues.
The share price of Hyderabad-based infrastructure firm IVRCL plunged today following a report in an English daily on the death of a National Highways Authority of India (NHAI) consultant said to be overseeing the company’s road project.
Even after the Essel Group sold its entire stake in infrastructure company, IVRCL, investor interest remains good. Funds like Merrill Lynch and Societe Generale have recently bought 4.22 million shares of IVRCL at Rs 46-47 apiece.
The Subhash Chandra-promoted Essel group’s paring its stake in IVRCL Limited augurs well for the Hyderabad-based infrastructure major, according to IVRCL’s executive director (finance) and group chief financial officer, R Balarami Reddy.
The Hyderabad-based infrastructure company, IVRCL, is putting six of its 10 road projects on the block, to retire at least a fifth of the Rs 5,000-crore consolidated debt by the end of the current financial year.