IRB Infrastructure Developers’ shares surged as much as 6 per cent in Tuesday’s trade after the company announced the record date for sub-division of its equity shares. The proposal for the same has been approved by the shareholders via postal ballot on February 6, Monday.
IRB Infrastructure has fixed February 22, 2023, Wednesday, as record date for the stock split in 1:10 ratio, the company said in the exchange filing. Accordingly, the stock will trade ex-split on Tuesday, February 21, 2023.
It means that the company’s each share with a face value of Rs 10 each will be divided into ten fully paid-up equity shares with a face value of Re 1 each. The company had announced the sub-division of its equity shares on January 5, 2023.
IRB Infra’s shares rallied as much as 6 per cent to Rs 283.90 on Tuesday, following the announcement. The scrip had settled at Rs 267.55 on Monday. The stock has corrected about 15 per cent from its peak at Rs 329.30 in December 2022.
IRB Infrastructure Developers has been incorporated for more than 25 years and it has been listed for 15 years at Dalal Street before going for a stock split. IRB Infra has approximately 20 per cent share in the Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.
Recently, IRB Infrastructure Developers announced that CRISIL Ratings have upgraded its ratings on the bank facilities to ‘CRISIL AA-/Stable/CRISIL A1+’ from ‘CRISIL A/Positive/CRISIL A1’.
IRB Infra is among the key international player in the infrastructure sector of highways in India. It has an asset base of about Rs 60,000 crore across 10 States across the parent company and two InvITs, making it the largest integrated private toll roads and highways infrastructure developer in India.
Also read: Q3 results previews: Adani Ports, Ambuja Cements, Bharti Airtel, Hero MotoCorp
Also read: Adani group stock: 4 reasons why Adani Ports shares rallied 51% in 3 days
