IRB Infrastructure Developers gains on offering Vadodara Kim Expressway to IRB InvIT Fund
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IRB Infrastructure Developers is currently trading at Rs. 230.30, up by 2.85 points or 1.25% from its previous closing of Rs. 227.45 on the BSE.
The scrip opened at Rs. 232.30 and has touched a high and low of Rs. 232.30 and Rs. 228.05 respectively. So far 5700 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 346.95 on 25-Oct-2021 and a 52 week low of Rs. 124.45 on 08-Jun-2021.
Last one week high and low of the scrip stood at Rs. 233.90 and Rs. 217.10 respectively. The current market cap of the company is Rs. 13735.71 crore.
The promoters holding in the company stood at 34.02%, while Institutions and Non-Institutions held 54.93% and 11.05% respectively.
IRB Infrastructure Developers has offered its Vadodara to Kim Expressway, being developed under Hybrid Annuity Model (HAM), to IRB InvIT Fund. The Vadodara Kim stretch, which is part of Delhi-Mumbai Expressway (DME), is 23.740 km-long and has project cost outlay of Rs 2,094 crore.
The company, in its board meeting, has approved the preliminary non-binding proposal for transfer of the said project to the IRB InvIT Fund, which is a publicly offered and listed Infrastructure Investment Trust, sponsored by the company. Under the HAM model, the government provides 40 per cent of the project cost to the developer to start work, while the remaining investments are made by the developer.
IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.
