IRB Infra Promoter Pares Stake Worth Rs 1,444 Crore

IRB Holdings Pvt., the promoter of IRB Infrastructure Developers Ltd., offloaded 3.71% stake in the company for Rs 1,444 crore through open market transactions on Thursday.

The promoter sold 22.5 crore shares in two separate bulk deals, according to data on the BSE. IRB Holdings sold 10.5 crore shares (1.73%) at Rs 64.32 apiece and in the second deal, offloaded 1.98% stake, comprising 12 crore shares at Rs 64.12 per share. As of March, IRB Holdings held 33.2% stake in the company.

Nomura India Investment Fund Mother Fund, through its arm The Mtbj A/C Nomura India Inves FD, bought 0.64% stake for Rs 256 crore. The fund house bought 3.87 crore shares at Rs 66.25 apiece, according to the bulk deal data on the NSE.

Shares of IRB Infrastructure Developers closed 10% lower at Rs 65.2 apiece on Thursday, as compared with a 0.95% rise in the benchmark NSE Nifty.