The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Bricklayers Investment Pte Ltd & Others
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On the reaction day the stock moved 1.2 pts less than Nifty Smallcap 250 and 0.4 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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Bricklayers Investment Pte Ltd (a Singapore-based investor linked to GIC) has filed a disclosure under SEBI Takeover Regulations regarding the release of a non-disposal undertaking (NDU) covering 41,06,52,000 equity shares (6.8%) of IRB Infrastructure Developers. No equity shares were actually sold — only the encumbrance was released. The NDU was originally given by the promoter group as part of indemnification obligations tied to Bricklayers' 2021 subscription of 1,02,29,07,880 shares. After the release, Bricklayers' effective voting holding stays at 19.14% (along with GIC as PAC), with zero encumbrance remaining. The total share capital of the company remains unchanged at 60,39,00,000 equity shares. Promoter group's separate minimum shareholding obligation (at least 10% for 84 months from allotment) continues as-is.
This is a positive, non-dilutive event for shareholders — no shares changed hands and ownership structure remains the same, but the release of the 6.8% lock-in removes a layer of restricted supply and signals that the indemnification conditions tied to the 2021 GIC investment have been fulfilled.