Subhash Chandra-promoted Essel Group on Thursday confirmed that it sold a 6.2 per cent stake in the Hyderabad-based infra company IVRCL for Rs 68 crore.

The company offloaded a total of 96.83 lakh and 20.50 lakh shares in IVRCL for Rs 47.57 crore and Rs 10.33 crore on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Essel Group had picked up 12.27 per cent stake in IVRCL via group companies Asia Satellite Broadcast and Jay Properties.

The recent sale surprised the industry as Essel pared its stake around six months its expressed interest in hiking its stake in IVRCL.

In March, Essel had acquired 10.2 per cent stake in IVRCL through secondary market transactions, and then hiked it to 12.27 per cent. At that time, the group had also announced that it was in line with its philosophy to increase its infrastructure business to benefit from the growing fraction of infrastructure investment by India.

At the the time, the group said, "The Essel Group has acquired a 10.19% stake in IVRCL and is keen to increase it and is in the process of increasing it."

There were also rumours about the odds of a hostile takeover bid.

Following the announcement of the recent stake sale, shares in IVRCL slipped 3.05 per cent to close at Rs 47.70.