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IRB Infra Board Approves Asset Monetisation, Shares Near Seven-Day Rebound
IRB Infrastructure Developers shares had fallen for seven straight days.
On 23 September, the shares rose after the company announced plans to use some land and other assets to generate money.
The company plans to develop nearly 350 acres of land near Pune in stages.
This land is part of a larger 1,100-acre holding.
It also plans to redevelop a smaller land parcel in Mumbai.
The company said these steps could add substantially to cash flows without extra cost.
It also signed agreements to transfer two tollway companies to the IRB InvIT Fund.
Even after the rise, the stock remained below its recent high and was down over longer periods.
IRB Infrastructure Developers shares rose 3.5% to ₹18.61 on 23 September after opening at ₹18.32.
The company’s board approved monetising non-core assets through phased development of nearly 350 acres in Pune.
The land is part of about 1,100 acres owned by Aryan Infrastructure Investments Private Limited.
The board also approved redevelopment and rehabilitation of nearly 3,500 square metres in Mumbai’s Chandivali Village.
IRB Infrastructure Developers executed agreements to transfer two tollway companies to the IRB InvIT Fund.
- Who
- IRB Infrastructure Developers, its board, Aryan Infrastructure Investments Private Limited, Ideal Road Builders Private Limited, and the IRB InvIT Fund.
- What
- The board approved monetising non-core land assets and the company signed agreements to transfer two tollway companies to the IRB InvIT Fund.
- Where
- The land assets are in Taje and Pimpaloli villages in Pune and Chandivali Village in Mumbai.
- When
- The approvals and agreements were made on 22 September; the share-price move occurred on 23 September.
- Why
- The company said monetising the assets would contribute substantially to cash flows without incremental cost.
Key facts
- Share price on 23 September
- Opened at ₹18.32 and reached an intraday high of ₹18.61, up 3.5%.
- Previous close
- ₹17.98.
- Pune land development
- Nearly 350 acres out of approximately 1,100 acres owned by Aryan Infrastructure Investments Private Limited.
- Mumbai redevelopment
- Nearly 3,500 square metres of land owned by Ideal Road Builders Private Limited in Chandivali Village.
- Transferred companies
- Solapur Yedeshi Tollway Limited and CG Tollway Limited.
- Two-year stock performance
- The stock delivered a negative return of 42%, according to BSE data.
- Year-to-date performance
- The stock was down 13%.
Sources
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