IVRCL bags orders worth Rs 620 cr across divisions

Hyderabad: Infrastructure major IVRCL said it has bagged orders worth nearly Rs 620 crore across various its divisions. The company’s transportation division bagged projects worth Rs 301.72 crore, while the buildings and power divisions got orders of Rs 257.07 crore and Rs 60.98 crore respectively, a release issued said.

[caption id=“attachment_407242” align=“alignleft” width=“380”]  Reuters[/caption]

Shares of IVRCL were trading at Rs 47.50 on the BSE in the afternoon trade, up 2.04 percent from its previous close.

IVRCL had recently said the Andhra Pradesh High Court has approved a composite scheme of arrangement between IVRCL and IVRCL Assets and Holdings Ltd (IVRCLAH) and two subsidiary companies RIHIM Developers Private Ltd and IVRCL TMT.

More from Business fwire

China property sector distress deepens as second company runs into financial troubles Labour codes unlikely to be implemented this fiscal due to slow progress on drafting of rules, political considerations

As per the scheme, IVRCLAH will be merged with IVRCL, after demerging of the former’s real estate business.

IVRCL will issue 5 equity shares for every 6 equity shares held by the shareholders of IVRCLAH.

The real estate business will be demerged into a separate company RIHIM, which will be a 100 percent subsidiary of IVRCL.

PTI