IRB Infrastructure Block Deal: IRB Infrastructure stake liquidation through major Dutch infrastructure Ferrovial block deal

Cintra, the toll road subsidiary of Dutch major Ferrovial, plans to sell up to 5% stake in IRB on Tuesday to raise Rs 1,900.29 crore ($227.8 million) through a block deal, according to a term sheet reviewed by ET. .

As of end-March 2024, Cintra held a 24.86% stake in IRB Infrastructure under the name CINTRA INR INVESTMENTS BV, according to a BSE filing. This is the second block transaction on the IRB infrastructure in the last 15 days. On May 30, 2024, IRB promoters sold a 4% stake in the company through a block deal.

Cintra offered to sell 301 million shares at a floor price ranging from Rs 63 to Rs 70.16 per share. This is a 10% discount from the lower limit price compared to Monday’s closing price. Jefferies and HSBC are acting as bankers on the transaction.

In December 2021, Ferrovial’s toll road subsidiary Cintra acquired a 24.86% stake in Indian company IRB Infrastructure Developers for €369 million.