On Tuesday’s trading session, the share price of one of the leading infrastructure development companies in India in the road and highway sector fell by 10.2 percent on NSE to Rs. 63, after 41.2 crore equity shares of the company exchanged hands, bringing the total deal value to nearly Rs. 2,656 crore.
With a market cap of Rs. 39,392.4 crore, at 10:44 a.m., the shares of IRB Infrastructure Developers Limited were trading in the red at Rs. 65.34, down by 6.8 percent, compared to its previous closing price of Rs. 70.16.
Nearly 41.2 crore equity shares of IRB Infrastructure (equivalent to a 6.8 percent stake) exchanged hands via two block deals on 11th June. At an average price of Rs. 64.4 per share, the total transaction value of the shares was reported to be around Rs. 2,656 crore.
A subsidiary of the Spanish infrastructure group Ferrovial, Cintra, was planning to sell up to a 5 percent stake in the company to raise about US$228 million, reported by CNBC.
Further, it has been reported that the transaction can result in a 150-day lock-in period before Cintra can execute any further block deals to sell off additional shares in IRB Infra.
As of the March 2024 shareholding pattern, foreign investor Cintra holds 150.15 crore equity shares, representing a 24.86 percent stake, in the company.
In terms of financials, the company reported a growth in revenue from operations by 27.2 percent YoY from Rs. 1,620 crore in Q4 FY22-23 to Rs. 2,061.24 crore in Q4 FY23-24, accompanied by a rise in after-tax profit by 45 percent from Rs. 130.15 crore to Rs. 188.88 crore, during the same period.
The stock has delivered nearly 135.8 percent of multibagger returns in the last one year, and around 56.4 percent of positive returns year-to-date.
Incorporated in 1998, IRB Infrastructure Developers Limited is one of the leading infrastructure development companies in India in the road and highway sector, with a presence in Build-Operate-Transfer (BOT) and HAM space.
Written by Shivani Singh
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