The Essel Group has divested its stake in infrastructure company IVRCL.
It has sold around 40 lakh shares in the market on Thursday, making it clear that it is no longer interested in a takeover battle for the Hyderabad-based firm.
Essel’s promoter Subhash Chandra was eyeing to takeover this company but met with resistance from IVRCL’s promoters and their friends.
In April, the Essel Group had acquired about 10.68 per cent of IVRCL through open market transactions.
“Recent press reports on IVRCL suggest that IVRCL will be monetising its existing BOT assets, not bidding for BOT projects and will focus more on growing its EPC portfolio. This does not match with the thinking and philosophy with which Essel invested in IVRCL,” Essel Group said in a statement.