A block deal involving 32.85 crore shares or a 5.4 percent equity stake in IRB Infrastructure Developers took place on the exchanges on May 30. The transaction, valued at Rs 2,033 crore, was done at a floor price of Rs 65 apiece.
Following the block deal, shares of IRB Infra nodedived nearly 10 percent to Rs 63.70 on the National Stock Exchange (NSE).
While Moneycontrol could not ascertain parties involved in the transaction, CNBC-TV18, citing sources had reported that IRB Holding Pvt Ltd and Deepali Virendra Mhaiskar are likely sellers in the deal. Jefferies and CLSA India were reported to be the brokers of the block trade.
The balance stake following the block deal could have a lock-in period of 90 days before Ontario Inc can pare any further equity, the report further stated.
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According to the highway construction company's March quarter shareholding data, IRB Holding Pvt Ltd owned a 33.2 percent stake and Deepali Virendra Mhaiskar owned a 0.27 percent stake.
IRB Infrastructure Developers reported a 45.1 percent on-year (YoY) jump in net profit at Rs 188.9 crore for the quarter ended March 31, 2024. In the corresponding quarter, it posted a net profit of Rs 130.2 crore, the company said in a regulatory filing recently.
The company's revenue from operations increased 27.2 percent YoY to Rs 2,061.2 crore in the fiscal fourth quarter against Rs 1,620 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA increased 17.3 percent YoY to Rs 889.9 crore in the quarter under review.
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