IRB Infrastructure Developers rose 1.52% to Rs 217.50 at 15:14 IST on BSE after the company said its board has approved sale of special purpose vehicle IPATRL to IRB InvIT Fund for Rs 1569 crore.
The announcement was made after market hours yesterday, 31 August 2017.Meanwhile, the S&P BSE Sensex was up 154.31 points, or 0.49% at 31,884.80. The S&P BSE Mid-Cap index was up 141.93 points, or 0.91% at 15,681.72.
On the BSE, 1.62 lakh shares were traded on the counter so far as against the average daily volumes of 1.66 lakh shares in the past one quarter. The stock had hit a high of Rs 220.60 and a low of Rs 216.80 so far during the day. The stock had hit a 52-week high of Rs 272.40 on 3 May 2017 and a 52-weeek low of Rs 177.50 on 23 November 2016.
The mid-cap company has equity capital of Rs 351.45 crore. Face value per share is Rs 10.
IRB Infrastructure Developers said that the board of directors of the company at its meeting held today, 31 August 2017 has approved the proposed sale of IRB Pathankot Amritsar Toll Road (IPATRL) to the IRB InvIT Fund (the 'Trust'), at an enterprise value of Rs 1569.33 crore, arrived at pursuant to negotiations and the valuation and due diligence exercise conducted by and on behalf of the Investment Manager of the Trust.
However, the proposed acquisition of IPATRL by the Trust is in the nature of a material related party transaction for the Trust in terms of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended, and accordingly, is subject to the approval of the Unitholders of the Trust, IRB Infrastructure Developers said.
IRB Infrastructure Developers' consolidated net profit rose 30.81% to Rs 237.86 crore on 20.82% increase in total income to Rs 1870.41 crore in Q1 June 2017 over Q1 June 2016.
IRB Infrastructure Developers is one of the largest private roads and highways infrastructure developers in India.
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