RB Infrastructure Developers share fall 10% amid high turnover

Following a huge block deal on the counter, IRB Infrastructure share prices fell 8.6% to Rs 64.11 per on the BSE on Tuesday in early trading.

26.5 million shares of IRB Infra were traded on the BSE at Rs 64.14 a share at 9:15 AM. 642.4 million shares have exchanged hands on the NSE and BSE at 9:44 AM.

As of 11:20 AM, RB Infrastructure Developers share falls 6.78% to Rs.65.42 on NSE.

While the buyers and sellers could not be identified immediately, reports suggested that Cintra, a toll road subsidiary of Dutch major Ferrovial, was attempting to sell up to a 5% stake in the company.

As per reports, Cintra has offered 301 million shares for sale at a floor price ranging from Rs 63 to Rs 70.16 per share, which is 10% lower than the stock’s Monday closing price of Rs 70.5.

Cintra INR Investments B V held a 24.86 per cent investment in the firm as of the end of the March quarter, categorizing it as ‘FPI’ or ‘foreign portfolio investors’. Cintra acquired this for 369 million euros in December 2021.

With a 16.94 per cent ownership, the other FPI is Bricklayers Investment Pte Ltd.

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