IRB Infra shares close up to 5% higher on commencement of toll collection on two NHAI projects
Upstox
2 min read • Updated: April 1, 2024, 7:14 PM
Summary
The company also informed the stock exchanges that its project SPVs have achieved financial closure of up to ₹4,831 crore. The balance amount was infused via equity contribution of ₹2,253 crore by IRB Infra and GIC affiliates in 51:49 ratio through IRB Infrastructure Trust, an associate of IRB Infra.
IRB Infrastructure Developers shares closed 4.87% higher at ₹61.4 apiece on the NSE on Monday, April 1, following the company’s update regarding TOT (toll, operate, transfer) projects.
IRB Infrastructure Developers share price opened at ₹58.8 against its previous close of ₹58.55 and jumped as much as 6% to hit its intraday high of ₹61.95 apiece on the NSE.
The stock saw traction after it announced in a stock exchange filing that "the SPVs (special purpose vehicles) of IRB Infrastructure Trust, India’s largest highways infrastructure investment trust (InvIT), namely IRB Lalitpur Lakhnadon Tollway Pvt Ltd representing TOT 12 project, IRB Kota Tollway Pvt Ltd and IRB Gwalior Tollway Pvt Ltd, representing TOT 13 bundle, have started tolling from April 1, 2024”.
The company also informed the stock exchanges that its project SPVs have achieved financial closure of up to ₹4,831 crore. The balance amount was infused via equity contribution of ₹2,253 crore by IRB Infra and GIC affiliates in 51:49 ratio through IRB Infrastructure Trust, an associate of the company.
"Successful funding of two TOT projects amounting to over ₹7,000 crore, ahead of scheduled time, is a remarkable achievement for us. With Tolling operations initiated on the two NHAI TOT projects, our entire TOT portfolio is now operational and yielding revenue," said Virendra D Mhaiskar, Chairman and Managing Director of the company.
IRB Infrastructure share price has been on a rise for the last one year, surging as much as 144 per cent.
The stock hit its 52-week high of ₹72 on February 5 this year while it hit its 52-week low of ₹22.70 on March 29 last year on NSE.
Meanwhile, the Indian stock market saw healthy gains on April 1. Investors bought stocks across sectors amid expectations of a status quo on interest rates by the Reserve Bank of India (RBI). The Monetary Policy Committee (MPC) of the RBI will start its first policy meeting of the new financial year on April 3 and its outcome is due on April 5.