IRB-sponsored public InvIT completes three highway asset acquisition
IRB · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.3 pts less than Nifty Smallcap 250 and 0.5 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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IRB Infrastructure Trust completed the transfer of 100% ownership in Hapur Moradabad, Kaithal and Kishangarh Gulabpura tollway project companies to IRB-sponsored public InvIT Fund. The assets have an enterprise value of Rs 8,436 crore. Investors infused Rs 4,250 crore, taking the fund to nine operating highway projects worth over Rs 16,000 crore. Average concession life rose to 17 years from 14 years.
Positive for the group by unlocking capital and expanding the public InvIT. It may improve growth prospects, but direct earnings impact on IRB shareholders is not stated.