We investigate algebraically the fragment of the intuitionistic propositional calculus consisting of equivalence together with conjunction on the intuitionistic regularizations. We find that this fragment is strongly algebraizable with the equivalent algebraic semantics being the variety of equivalential algebras with an additional binary operation that can be interpreted as the meet on regular elements. We give a finite equational base for this variety, and investigate its properties, in particular the commutator. As applications, we prove that the fragment is hereditarily structurally (...) complete and we describe the top of the lattice of its axiomatic extensions. (shrink)