Cintra Plans to Sell Up to 5% Stake in IRB Infrastructure for ₹1,900 Cr

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Cintra, a subsidiary of Ferrovial, plans to sell up to 5% stake in IRB Infrastructure for ₹1,900.29 crore ($227.8 million) via a block deal, offering 301 million shares at ₹63-70.16/share. This marks the second recent block deal in IRB Infrastructure.

IRB Infra News Today

Cintra, a toll road subsidiary of the Dutch major Ferrovial, is preparing to sell up to a 5% stake in IRB Infrastructure through a block deal, aiming to raise ₹1900.29 crore ($227.8 million).

This move comes as part of Cintra's strategic divestment plan and represents its continued involvement in the Indian infrastructure sector.

Explore: Irb Infra Dev Ltd. Share Price


Details of the Stake and Block Deal

As of March 2024, Cintra holds a significant 24.86% stake in IRB Infrastructure under the name of CINTRA INR INVESTMENTS B V. The planned stake sale follows another recent transaction where IRB promoters sold 4% of their stake through a block deal.

Cintra has proposed offering 301 million shares for sale with a floor price ranging from ₹63 to ₹70.16 per share, representing a 10% discount from the lower range compared to the closing price on the preceding Monday.

Bankers and Pricing

The block deal is facilitated by Jefferies and HSBC, who are acting as bankers for the transaction. The deal is priced in the range of ₹63-70.16 per share, with the transaction size estimated at approximately ₹1,900.3 crore at the lower end of the price band.

If the entire stake is sold, a lock-up period of 150 days will be imposed on further sales.

In December 2021, Cintra acquired its stake in IRB Infrastructure for €369 million, showcasing its continued commitment to the Indian infrastructure market.

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