IRB Infrastructure Developers Ltd to sell stake in VK1 to IRB InvIT Fund

The Board of Directors of IRB Infrastructure Developers Ltd at its meeting held today i.e. August 5, 2022, has approved sale of the entire stake held by the Company (including its nominee shareholders) in its wholly-owned subsidiary viz. VK1 Expressway Private Limited ("VK1") to the IRB InvIT Fund ("Trust") for Rs. 342 Crore in aggregate, as consideration to be paid by the Trust in cash for the sale and transfer of 100% equity shares of VK1 and for the repayment, in full, of the shareholder loan provided to VK1 by the Company. Further, the Company has also agreed to act as the project manager of the Trust with respect to VKI for a period of 15 years for an aggregate consideration of Rs.224 crore. The transaction is subject to the receipt of applicable regulatory and third party approvals and other conditions precedent.

Shares of IRB Infrastructure Developers Limited was last trading in BSE at Rs. 243.45 as compared to the previous close of Rs. 242.20. The total number of shares traded during the day was 218476 in over 5752 trades.

The stock hit an intraday high of Rs. 249.50 and intraday low of 236.10. The net turnover during the day was Rs. 53217076.00.

Source : Equity Bulls

Keywords

IRBInfrastructureDevelopers INE821I01014 StakeSale VK1 IRBInvITFund