IVRCL wins orders worth 620 crore

IVRCL wins orders worth 620 crore

Hyderabad: Infrastructure major IVRCL Ltd today said it has bagged orders worth nearly 620 crore across various its divisions.

The company’s transportation division bagged projects worth 301.72 crore, while the buildings and power divisions got orders of 257.07 crore and 60.98 crore respectively, a release issued here said.

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

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

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 per cent subsidiary of IVRCL.

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