IRB Infrastructure Shares Drop 13 pc
IRB Infrastructure Developers experienced a significant 13 per cent drop in its share price during intraday trading today, May 30, 2024, reaching a three-week low of Rs 63.30 per share. This sharp decline was triggered by a large block deal earlier in the day, where 240 million shares, representing 4 per cent of the company’s total equity, were traded.
Who Are Sellers In IRB Infrastructure Developers?
Reports suggest that the sellers in this block deal are likely IRB Holding Private Limited and Deepali Virendra Mhaiskar.
Total Size Of The Block Deal
The total size of the offer amounts to up to 4 per cent of the company’s equity.
Value Of The Block Deal
It is valued at a maximum of Rs 1,512 crore at the lower end of the price range.
Offer Price
The offer price for these shares ranges from Rs 63 to Rs 72.7 per share, which includes a potential discount of up to 13.3 per cent from the upper price band of Rs 72.7 per share.
Who Are Managing Transactions?
Jefferies India Private Ltd and CLSA India Private Ltd are managing the transaction.
Lock-Up Period
Additionally, the sellers are bound by a 180-day lock-up period, preventing further share sales during this time.
IRB Infrastructure Developers Q4 Results: Net Profit
For the quarter ending in March, IRB Infrastructure reported a net profit of Rs 189 crore, a 45 per cent increase from Rs 130 crore in the same quarter of the previous year.
IRB Infrastructure Developers Q4 Results: Consolidated Income
The company’s consolidated income for Q4 FY24 grew by 47 per cent year-on-year, reaching Rs 2,504 crore compared to Rs 1,699 crore in Q4 FY23.
IRB Infrastructure Developers Q4 Results: FY24 vs FY23
In FY24, IRB Infrastructure, along with its associate IRB Infrastructure Trust (Private InvIT), saw a 24 per cent year-on-year growth in toll collection, totaling Rs 5,169 crore, up from Rs 4,180 crore in FY23.
IRB Infrastructure Developers: Recent Projects
The company recently secured the TOT-12 and TOT-13 projects, which are major highway projects in Madhya Pradesh and Rajasthan. These awards mark the company’s entry into Madhya Pradesh, making it the 12th Indian state where IRB Infrastructure operates.
IRB Infrastructure
IRB Infrastructure is a leading player in highway construction and infrastructure development in India. With 25 years of experience, the company has built, tolled, operated, and maintained about 18,500 lane kilometers across the country, with 15,500 lane kilometers currently operational.