GIC to invest in IRB Infrastructure Developers Limited

IRB Infrastructure Developers Limited has executed Share Subscription Agreement by and among the Company, Bricklayers Investment Pte. Ltd. ('GIC'), Mr. Virendra D. Mhaiskar, IRB Holding Private Limited (formerly known as Mhaiskar Ventures Private Limited) and certain other members of the Promoter and Promoter Group of the Company ('GIC Share Subscription Agreement').

Preferential issue to Bricklayers Investment Pte. Ltd. of not less than 6,52,11,495 (six crore fifty two lakh eleven thousand four hundred and ninety five) Equity Shares but only up to 10,22,90,788 (ten crore twenty two lakh ninety thousand seven hundred and eighty eight) Equity Shares, at a price of INR 211.79 per Equity Share and aggregating up to a maximum amount of INR 2166,41,65,990.52 (Indian Rupees two thousand one hundred and sixty six crores forty one lakhs sixty five thousand nine hundred ninety and Paise fifty two).

In terms of the GIC Share Subscription Agreement, the Company is required to issue and allot not less than 6,52,11,495 (six crore fifty two lakh eleven thousand four hundred and ninety five) Equity Shares but only up to 10,22,90,788 (ten crore twenty two lakh ninety thousand seven hundred and eighty eight) Equity Shares, at a price of INR 211.79 (Indian Rupees two hundred eleven and Paise seventy nine) per Equity Share.

GIC will have a standard pre-emptive right, i.e. right to subscribe to shares in case of further issuance of shares to maintain its shareholding in the Company.

Shares of IRB Infrastructure Developers Limited was last trading in BSE at Rs. 201.05 as compared to the previous close of Rs. 211.60. The total number of shares traded during the day was 207707 in over 4908 trades.

The stock hit an intraday high of Rs. 209.25 and intraday low of 201.05. The net turnover during the day was Rs. 42199876.00.

Source : Equity Bulls

Keywords

IRBInfrastructureDevelopersLimited INE821I01014 532947 IRB FundRaising GIC