India's IRB Infrastructure up on Ganga Expressway Project deals

IRB InvIT Fund

17/10/2022 09:32

** Shares of road and highway constructor IRB Infrastructure
Developers  IRBI.NS  rise as much as 10.6% to 239 rupees, their
biggest intraday percentage gain since June 23
    ** IRBI on Sunday said it executed agreements with an
affiliate of GIC and Meerut Budaun Expressway to implement the
Ganga Expressway Project
    ** Co to be paid 104.59 bln rupees ($1.27 bln) as
consideration under agreement
    ** Separately on Friday, IRBI said it executed share
purchase agreements to transfer Vadodara Kim Expressway Project
to IRB InvIT Fund  IRBN.NS  
    ** Co to get 3.42 bln rupees under deal ($41.50 mln), which
will help reduce debt by 9.55 bln rupees
    ** IRBI shares hit their highest since Sept. 15
    ** More than 5.7 mln shares change hands by 0820 GMT vs
30-avg of 1.1 mln shares
    ** Five of the eight analysts covering the stock have a buy"
or "strong buy" rating, while three have "hold"; Median PT is
284.50 rupees - Refinitiv data
    ** Stock down 5% so far this year up to last close
($1 = 82.4075 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))