At 9:15 AM, a significant block deal occurred in IRB Infrastructure Developers Limited, with millions of shares changing hands on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) at Rs 65.1 per share, totaling over Rs 2,000 crore. While the specific buyers and sellers involved in the transaction remain unconfirmed by Business Standard, reports indicated that IRB Holding Pvt Ltd and Deepali Virendra Mhaiskar could be potential sellers.
Deepali Virendra Mhaiskar, holding a 0.27 per cent stake in the company by the end of the March quarter, and the IRB Holding Pvt Ltd, owning a 33.2 per cent stake, were reportedly considering selling a portion of the company's equity capital. IRB Infrastructure Developers Limited is a key player in India's infrastructure sector, particularly in road and highway development, operating under the Build-Operate-Transfer (BOT) and Hybrid Annuity Model (HAM) frameworks, with a diverse portfolio of projects including roads, highways, bridges, tunnels, and real estate development.
In the January to March quarter, IRB Infrastructure Developers recorded a substantial 45 per cent year-on-year increase in net profit, amounting to Rs 188.9 crore, along with a notable core revenue growth of 27 per cent to Rs 2,061 crore. The company's order book stood at Rs 34,800 crore as of March 2024, with an expectation to bid out projects worth Rs 2 trillion over the next two years on a BOT basis. Analysts at HDFC Securities maintained an 'Add' rating on the stock, considering the positive growth outlook, toll revenue expectations, and potential interest rate cuts.