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News Topical, Digital Desk : IRB Infrastructure Developers Ltd said it will transfer 3 highway assets worth about Rs 8450 crore to its publicly listed investment arm IRB InvIT Fund under a binding agreement signed by its affiliate IRB Infrastructure Trust. The company said in a regulatory filing that the build-operate-transfer (BOT) assets - IRB Hapur Moradabad Tollway, Kaithal Tollway and Kishangarh Gulabpura Tollway - are expected to be transferred by the second quarter of the financial year ending March 2026.
This agreement follows a non-bidding offer between the two entities on May 8 earlier this month. IRB Infrastructure Developers Chairman and Managing Director Virendra D. Mhaiskar said, "This is a significant achievement, which will benefit both InvITs and pave the way for sustainable growth for them."
He said, "The company and IRB Infrastructure Trust can use the proceeds from this deal to fund future sector opportunities, which will be almost double the size of the assets to be transferred." This transaction is expected to increase the portfolio of IRB InvIT Fund and extend its weighted average life by adding high revenue BOT highway assets.
Share performance On Friday, the company's stock closed at Rs 51.20, down 0.47 per cent. In the last one year, the company's stock has seen a decline of 22.54 per cent. The 52-week high of the stock is Rs 78.15.
Read More: Q1 Results: Company's earnings jump by Rs 4,670 crore but stock falls by more than 7%
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