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In two block deals on June 11, over 41.20 crore shares of IRB Infrastructure Developers, or 6.8% of the firm, were exchanged. The deal, which was completed at an average price of Rs 64.40 per unit, had a total value of Rs 2,656 crore.
The parties to the transaction were not readily identifiable to Moneycontrol. On June 10, however, we revealed that Cintra, a subsidiary of the Dutch infrastructure giant Ferrovial, was planning to generate around $228 million by selling about 5% of IRB Infra in a block sale.
According to our report, which cites sources, the transaction will also start a 150-day lock-in period before Cintra can execute any more block deals to sell off additional shares in the infrastructure company.
The company’s most recent shareholding data, updated at the end of the March quarter of FY24, showed that Cintra possessed a 24.86 percent ownership in IRB Infra.
As per our information, the i-banks involved in the transaction were Jefferies and HSBC.
IRB Infra’s stock fell around 10% after the block deal, and as of 09.36 am, it was trading at Rs 64.74 on the NSE.
Notwithstanding the decline today, IRB Infra’s stock has been rising recently thanks to higher toll prices and hopes that Modi 3.0 will keep pushing for infrastructure development.
The stock has experienced an incredible 2024 run, yielding returns of about 70% so far this year.
The corporation also said last week that toll collections increased by 30% year over year to Rs 536 crore in May. Even more promising is the management’s prediction that the upward trend in toll collections will continue in the upcoming months due to the higher toll rates that went into effect from early June.
Group Media Publication
Construction, Infrastructure and Mining
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