GIC sells IRB Infrastructure's shares worth Rs 5,884 crore

14 Jun 2024 , 01:35 PM

On Thursday, Singapore’s sovereign wealth fund GIC sold shares of IRB Infrastructure Trust for ₹5,884 Crore in open market transactions. GIC, through its subsidiaries Anahera Investment Pte, Dagenham Investment Pte, and Stretford End Investment Pte, offloaded shares of IRB Infrastructure Trust on the National Stock Exchange.

According to NSE bulk trade data, Anahera sold 20.42 Crore shares of IRB Infrastructure Trust, while Dagenham offloaded 4.90 Crore shares. Stretford End also sold 1.40 Crore shares of Mumbai-based IRB Infrastructure Trust.

The three GIC entities sold an aggregate of 26.72 Crore shares. The shares were sold at an average price of ₹220.22, bringing the total deal value to ₹5,884.27 Crore.

Meanwhile, Dutch infrastructure company Ferrovial purchased these shares for the same amount. Cintra InvIT Investments BV, a subsidiary of Ferrovial, purchased shares in IRB Infrastructure Trust.

IRB Infrastructure Trust’s sponsors are IRB Infrastructure Developers and GIC, who own 51% and 49%, respectively.

IRB Infrastructure Trust is a privately held InvIT (infrastructure trust) that was launched on the NSE in April 2023 and sponsored by IRB Infrastructure Developers, a well-known private transport infrastructure developer.

The Trust manages 14 highway assets in Maharashtra, Goa, Rajasthan, Karnataka, Uttar Pradesh, Haryana, Telangana, West Bengal, and Madhya Pradesh under concessions given by the relevant nodal agencies.

At around 12.41 PM, IRB Infrastructure Developers was trading 1.72% higher at ₹67.60, against the previous close of ₹66.46 on NSE. The counter touched an intraday high and low of ₹67.75, and ₹66.32, respectively.

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