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Money Oct 12, 2012

ICICI Bank ups stake in IL&FS by 5% to Rs 29 crore

IL&FS Engineering and Construction today said private sector lender ICICI Bank has increased its stake in the company by 5.36 percent for Rs 29 crore.

Earlier, ICICI Bank had 1.49 percent stake or 11.61 lakh shares in the company. After the transaction held on October 1, the bank now has 6.85 percent stake or 59.71 lakh shares, the infrastructure and construction developer said in a BSE filing.

Reuters

"The bank acquired the shares post restructuring through the CDR mechanism," IL&FS Engineering and Construction said. IL&FS Engineering and Construction's shares today settled at Rs 65.85 apiece at the BSE, down 2.37 percent over their previous closing.

PTI

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