IRB Infra block deal: Cintra looks to sell around 5% stake for $228 mn

(Representative image)

Cintra, a subsidiary of Dutch headquartered infrastructure major Ferrovial, is planning to sell around 5 percent stake in IRB Infra and raise around $228 million via a block deal, multiple industry sources in the know told Moneycontrol on the condition of anonymity.

"The block deal has been launched and the floor price is at a 10.2 per cent discount to the closing price of IRB Infra on June 10, " one of the persons said.

A second person told Moneycontrol that HSBC and Jefferies are the i-banks working on the deal.

Cintra has a 24.86 per cent stake in IRB Infra, according to exchange filings

Cintra and the i-banks could not be reached for an immediate comment.

(This is a breaking news copy and will be updated shortly)