IRB Infra stock may see block trade of up to ₹1,512 Crore

30 May 2024 , 10:52 AM

A block of shares in IRB Infrastructure are expected to be sold on May 30 at a discount of up to 13.3% to the previous closing price.

According to sources, two seller firms, IRB Holding Pvt Ltd and Deepali Virendra Mhaiskar, could sell up to 4% of the company’s total stock for ₹63-72.70 per share. At the lower end of the price band, the offer amount is expected to be ₹1,512 Crore, with a 180-day lock in on additional share sales by seller firms.

The deal is being handled by Jefferies India Private Ltd and CLSA India Private Ltd. Furthermore, sellers are subject to a 180-day lock-up period on future share transactions.

IRB Infrastructure Developers reported a 45.1% YoY increase in net profit to ₹188.9 Crore for the fourth quarter ended March 31, 2024. In the same quarter, IRB Infrastructure Developers reported a net profit of ₹130.2 Crore, according to a regulatory filing.

The company’s revenue from operations climbed by 27.2% to ₹2,061.2 Crore, up from ₹1,620 Crore the previous fiscal year. In the fourth quarter of current fiscal year, EBITDA climbed by 17.3% to ₹889.9 Crore, up from ₹758.7 Crore in the same period last year.

IRB Infrastructure Developers Ltd is an Indian infrastructure development and construction business with substantial experience in the road and highway sectors. It also operates in other infrastructure-related business categories, such as road maintenance, construction, airport development, and real estate.

At around 10.42 AM, IRB Infra was trading 8.05% lower at ₹66.85, against the previous close of ₹72.70 on NSE. The counter touched an intraday high and low of ₹67.60, and ₹63.70, respectively.

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