Around 41.20 crore shares of IRB Infrastructure Developers, representing a 6.8 percent stake in the company changed hands in two block deals on June 11. The transaction, executed at an average price of Rs 64.40 apiece, was worth a total of Rs 2,656 crore.
Moneycontrol could not immediately identify the parties involved in the transaction. However, we reported on June 10 that Cintra, an affliate of Dutch infrastructure major Ferrovial was eyeing to sell around 5 percent stake in IRB Infra through a block deal to raise around $228 million.
As per our report, citing sources, the transaction will also trigger a lock-in period of 150 days before Cintra could execute any further block deals to offload more stake in the infra company.
Cintra owned a 24.86 percent stake in IRB Infra according to the company's latest shareholding data, updated at the end of the March quarter of FY24.
According to our report, HSBC and Jefferies were the i-banks working on the deal.
Following the block deal, shares of IRB Infra tanked around 10 percent and at 09.36 am, were trading at Rs 64.74 on the NSE.
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Regardless of today's fall, shares of IRB Infra have been on a roll recently, buoyed by an increase in toll tariffs and expectations of Modi 3.0's continued push on infra development.
The stock has seen a remarkable run in 2024, delivering close to 70 percent returns year-to-date.
Last week, the company also reported a 30 percent on year rise in toll collections to Rs 536 crore in May. What's more encouraging is that the management expects the uptrend in toll collections to gather further momentum in the coming months, driven by the increase in toll tariffs, which came into effect from early June.
Also Read | IRB Infra block deal: Cintra looks to sell around 5% stake for $228 mn
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