IRB Infrastructure block deal: 1.75 crore shares changed hands in multiple trades
Around 1.75 crore shares changed hands in the pre-open window in IRB Infrastructure, Cintra Investments may be the likely seller.
Shares of IRB Infrastructure Developers after opening sharply lower ended Tuesday's session (June 11) at Rs 66.14, down nearly 6 per cent. The drag in the stock came as 6.8 per cent equity in the entity changed hands in multiple trades in the pre-opening block deal window.
As per Zee Business research desk inputs Foreign Institutional Investor Cintra Investments was looking to offload up to 5 per cent stake in IRB Infrastructure Developers via a block deal. The floor price of the deal is pegged at Rs 63 per share, an over 10 per cent discount to the previous day’s closing price of Rs 70.15 per share on the BSE.
The deal size is Rs 1900 crore as per Zee Business research desk inputs. If the entire holding is pared, a lock-in period of 150 days will apply on further sales.
At the last count, shares of IRB Infrastructure traded weak by over 7.5 per cent at Rs 64.87 per share on the BSE.
As of March 31, 2024, Cintra INR Investment BV held 24.86 per cent stake in the infrastructure major, according to the BSE filing.
Furthermore, a block deal in Honasa Consumer was also confirmed in today's session wherein 2 per cent equity or 65 lakh shares in the counter changed hands in multiple trades. Shares of the personal care company ended with a cut of nearly 5 per cent at Rs 435.3 apiece on the BSE.
As per reports Fireside Ventures and Sofina Ventures may be the likely sellers who intended to offload 1-2 per cent holding. The deal was supposed to be executed at a price of Rs 421.3, representing an 8 per cent discount to the previous close. The transaction size is pegged between Rs 137 crore- Rs 237 crore.
Currently, Fireside Venture has 5.28 per cent equity, while Sofina Ventures has 6.16 per cent stake.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Stocks to Buy for 15 Days: Axis Direct picks 5 stocks for up to 32% gains; check targets and other details
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
05:05 PM IST