IRB Infrastructure Developers shares gained as much as 10 per cent on Thursday after the company informed bourses that IRB InvIT Fund, an infrastructure investment trust, has filed draft red herring prospectus (DRHP) with the Sebi for Rs 4,300 crore initial public offering (IPO). The Mumbai-based toll road developer said it is the sponsor of IRB InvIT Fund (the Trust), an infrastructure investment trust registered with the Sebi under its (Infrastructure Investment Trusts) Regulations, 2014 (the InvIT Regulations).
At 2.43 pm, shares of IRB Infrastructure Developers were trading 8.23 per cent up at Rs 250. The scrip opened the day at Rs 233 and has touched a high and low of Rs 253.15 and Rs 230.65, respectively, in trade so far. Benchmark BSE Sensex was trading 100.77 points, or 0.35 per cent, up at 29016.50.
In a BSE filing, the company said, “The IPO consists of a fresh issue of units, aggregating up to Rs 4300 crore, by the trust and an offer for sale of units by the company and certain of its subsidiaries, namely Modern Road Makers Private Limited, Aryan Toll Road Private Limited, ATR Infrastructure Private Limited and Ideal Road Builders Private Limited.”
“The investment manager, in consultation with the global coordinators and book running lead managers and the book running lead managers to the issue, reserves the option to retain oversubscription of up to 25 per cent of the issue size in accordance with the InvIT Regulations,” it added.
For the quarter ended June 30, 2016, IRB Infrastructure Developers reported a consolidated net profit of Rs 181.84 crore, up 10.41 per cent, against Rs 164.70 crore in the corresponding quarter a year ago.