IRB Infra opened strong today, with an almost 3 times surge in volumes, opening 5% higher at Rs.100 and going up over 11% to Rs.106.
The stock price rose on its announcement that Singapore sovereign wealth fund GIC, has invested Rs.4400 crore in its road platform.
As part of the transaction, IRB will transfer nine of its BOT assets into a private infrastructure investment trust in which IRB will hold a controlling stake of 51%.
IRB will have management control over these assets with GIC having standard/customary rights of a financial investor and corresponding board representation.
The road assets spans across 1,200 km in Haryana, Uttar Pradesh, Rajasthan, Gujarat, Maharashtra and Karnataka.