IVRCL group workings

3 group companies which have been used by promoters to play around:

IVRCL (earlier IVRCL infra)

IVRCL holdings (promoted by IVRCL)
Hindustan Dorr-Oliver (promoted by IVRCL)

Promoter is Sudhir Reddy. He holds very low shares (11% in IVRCL infra, IVRCL holds 75% in IVRCL holdings and 55% in Hind Dorr-Oliver) - no pledged shares. So, essentailly Sudhir Reddy is holding very less in these companies. Government pension fund, HSBC and ICICI hold double Sudhir Reddy's shares. Again, this is not a L&T to run without promoters.

Stock split in Mar 2006

Bonus Shares 1:1 in Mar 2010

Sell a part of the company (IVRCL holdings) listing it as an IPO

Sell BOT assets of IVRCL to IVRCL holdings and move IPO money to IVRCL

Announce IVRCL and IVRCL holding to merge and move real estate to a new company

BUY UK based bankrupt firm Davy Markham through Hind Dorr Oliver.

Seek a Buyer for HDO.

Finally, move HDO's manufacturing unit into a new company and seek a Buyer for either HDO or the manufacturing company.