The board of IRB Infrastructure Developers in its meeting on 09 May 2012 has approved the acquisition of 69,10,170 equity shares of Rs 100 each constituting 100% of the issued, subscribed and paid-up share capital of MVR Infrastructure & Tollways from its promoters, existing institutional shareholders and other shareholders. The transaction is proposed to be completed in three tranches, subject to various terms and conditions including obtaining of necessary approvals from regulatory authorities (including the NHAI) and lenders of the company.