IRB Infra Block Deal: 6.8% of the ₹2,656 crore Equity Changes hands in a Significant Transaction

IRB Infra
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On Tuesday, June 10, as many as 41.2 crore shares, representing 6.8% equity of IRB Infrastructure Developers Ltd., worth ₹2,656 crore, changed hands at ₹64.4 per share. The official buyers and sellers of this block deal have not yet been disclosed.

On Monday, sources indicated that Cintra, a transport infrastructure developer and subsidiary of the Spanish infra group Ferrovial, was likely to sell up to a 5% stake in IRB Infra through a block deal. The deal was expected to be priced between ₹63 and ₹70.16 per share, reflecting up to a 10.2% discount to the last closing price. At the lower end of this price range, the transaction size would be approximately ₹1,900.3 crore. Sources also noted that if the entire stake were sold, a 150-day lock-up period would be imposed on further sales.

On May 30, another significant trade occurred in the company, involving 31.3 crore shares, or 5.20% of the company’s total equity, which changed hands in a block deal at an average price of ₹65 per share, resulting in a total transaction value of over ₹2,033 crore.

As of the end of the March quarter, Cintra held a 24.86% stake in IRB Infra.

For the fourth quarter, IRB Infra reported a 45.1% increase in net profit, reaching ₹188.9 crore, compared to ₹130.2 crore in the same period the previous year. Revenue from operations grew by 27.2% to ₹2,061.2 crore, up from ₹1,620 crore the prior year. At the operating level, EBITDA rose by 17.3% to ₹889.9 crore, compared to ₹758.7 crore.

IRB Infra shares were trading 8.17% lower at ₹64.43 apiece. Despite this drop, the stock has gained 58.89% over the past six months and 132.18% over the past year.

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