IRB Infra shares look set to snap 7-day losing run as board approves monetising non-core assets | All details here
IRB Infrastructure Developers share price opened at ₹18.32 against its previous close of ₹17.98 and rose by 3.5% to an intraday high of ₹18.61.
IRB Infra shares looked set to snap their 7-day losing run on Wednesday, 23 September, after the company's board approved monetising non-core assets. IRB Infrastructure Developers' share price opened at ₹ 18.32 against its previous close of ₹ 17.98 and rose by 3.5% to an intraday high of ₹ 18.61, looking set to snap its seven-day losing streak.
In an exchange filing after market hours on 22 September, IRB Infra said its board on the same day had given in, principle approval and authorised the company to monetise non-core assets, through phased development of land parcels of nearly 350 acres out of a total of about 1,100 acres owned by Aryan Infrastructure Investments Private Limited at Taje and Pimpaloli villages in Pune.
The board also approved the redevelopment and rehabilitation of part of the land parcels totalling nearly 3,500 sq. mts. owned by Ideal Road Builders Private Limited in Chandivali Village, Mumbai.
According to Satinder S. Rana, CEO, Corporate, of the company, this initiative will contribute substantially to the cash flows without any incremental cost to the company.
Meanwhile, in a separate exchange filing, the company provided an update on the proposed transfer of the 100% share capital of Solapur Yedeshi Tollway Limited and CG Tollway Limited to the IRB InvIT Fund.
The company said that on 22 September, a share purchase agreement and certain ancillary agreements were executed for the transfer of 100% of the equity share capital of Solapur Yedeshi Tollway Limited and CG Tollway Limited to IRB InvIT Fund.
(This is a developing story. Please check back for fresh updates.)
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