The shares of IVRCL Ltd, and its group companies gained at bourses ranging from 5-7 per cent. They have been trading actively over the last week following reports of Mr Subash Chandra-promoted Essel group acquiring stake in IVRCL through market purchases, and also their intent to increase their stake further in the company.
The IVRCL scrip was up 5.13 per cent to close at Rs 69.65, the IVRCL Assets & Holdings Ltd, gained 4.98 per cent to close at Rs 53.80. Another company where IVRCL promoters have a major stake Hindustan Dorr Oliver Ltd, gained by 7.54 per cent on Monday to close at Rs 37.80.
The stated intent of Essel Group to acquire additional stake in IVRCL may trigger resistance from the Hyderabad-based construction and infrastructure company. They said that were marshalling resources and willing to fight out against any move by Essel to make a hostile bid.