The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 26, 2025 for IRB Holding Pvt Ltd
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IRB Holding Pvt Ltd, the promoter entity of IRB Infrastructure Developers, has released a non-disposal undertaking (NDU) covering 1,01,45,52,000 shares, which is 16.80% of the company's total share capital. The NDU was held in favour of Bricklayers Investment Pte. Ltd., a Singapore-based investor, and has been waived pursuant to a letter agreement dated December 24, 2025 amending the existing share subscription agreement between IRB, Bricklayers, promoter Mr. Virendra D. Mhaiskar, IRB Holding, and other promoter group members. After this release, IRB Holding's encumbered shares stand at zero, even though it continues to hold 29.55% (1,78,44,23,150 shares) in the company. The restructuring of the subscription agreement suggests a possible renegotiation of Bricklayers' investment terms with the IRB promoter group.
Short-term: Positive sentiment as 16.80% of share capital is freed from a non-disposal restriction, giving promoter group more flexibility. Medium-term: Watch for further disclosures, as the amended subscription agreement could trigger share issuances, transfers to Bricklayers, or changes in the promoter holding structure.