IVRCL bags orders worth Rs 630 crores

Its transportation division bagged projects worth Rs 301.72 crore while buildings and power divisions got orders of Rs 257.07 crore and Rs 60.98 crore, respectively, a release issued here said.

Shares of IVRCL are traded at Rs 47.50 on Bombay Stock Exchange, up 2.04% in the afternoon trade.

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

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% subsidiary of IVRCL.