Financial Daily from THE HINDU group of publications
Tuesday, Jul 02, 2002
IVRCL director sells 2.64 lakh shares at Rs 60 premium
Ch. Prashanth Reddy
HYDERABAD, July 1
ONE of the promoter-directors of IVRCL Infrastructures and Projects Ltd, Mr. I. Syam Prasad Reddy, has sold 2.64 lakh equity shares of the company.
The shares of a face value of Rs 10 each have been sold at the ruling market price of around Rs 70 each.
The IVRCL Managing Director, Mr. E. Sudhir Reddy, told Business Line that the company has a paid-up equity capital of Rs 10.44 crore and the shares sold by Mr. Syam Prasad Reddy constituted a minuscule holding in the company.
The disposal of shares by the latter would not affect the existing shareholding pattern.
The company has a total of over 1.04 crore equity shares.
The non-promoters of IVRCL have 70.33 per cent holding in the company, accounting for 73.45 lakh equity shares.
Mr. Syam Prasad Reddy is stated to have sold the shares on June 26 for personal reasons.
IVRCL posted a turnover of Rs 392 crore and net profit of Rs 17.57 crore during 2001-02. Its turnover increased by 46.8 per cent and net profit rose by over 37 per cent when compared to the previous turnover of Rs 267 crore and profit of Rs 12.81 crore.
The company's basic earnings per share (EPS) last fiscal stood at Rs 12.54.
It has reserves excluding revaluation reserves of Rs 88.22 crore. IVRCL board has recommended a dividend of 30 per cent for the year.
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