Wednesday, June 12, 2024

IRB Infrastructure Block Deal: Cintra likely to sell up to 5% stake for ₹1,900 crore – CNBC TV18

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Transport infrastructure developer Cintra, a subsidiary of Spanish infra group Ferrovial, is likely to sell up to a 5% stake in IRB Infrastructure Developers through a block deal, sources privy to the development told CNBC-TV18.

The deal is priced in the range of ₹63-70.16 per share, representing up to a 10.2% discount to the last closing price, as per the sources.

The transaction size is approximately ₹1,900.3 crore at the lower end of the price band, sources in the know told CNBC-TV18. If the entire stake is sold, a lock-up period of 150 days will be imposed on further sales.

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In May, IRB Holding Pvt Ltd and Deepali Virendra Mhaiskar offered up to 225 million and 15 million shares, respectively through a block deal. As of the end of the fourth quarter of FY24, Cintra held a 24.86% stake in IRB Infrastructure Developers.

IRB Infrastructure Developers reported a 45.1% year-on-year (YoY) jump in net profit at ₹188.9 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, IRB Infrastructure Developers posted a net profit of ₹130.2 crore, the company said in a regulatory filing.

The company’s revenue from operations increased 27.2% to ₹2,061.2 crore against ₹1,620 crore in the year-ago period. At the operating level, EBITDA increased 17.3% to ₹889.9 crore in the fourth quarter of this fiscal over ₹758.7 crore in the corresponding period in the previous fiscal.

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Shares of IRB Infrastructure Developers Ltd ended at ₹70.15, down by ₹6.98, or 9.05%, on the BSE.

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