IRB Infrastructure shares fell 10% due to BLOCK DEAL. Know the buyers & sellers .
The shares of IRB on 30 May 2024 :
| OPENED | HIGH | LOW | CLOSED | ||
|---|---|---|---|---|---|
| 72.70 | 66.50 | 67.60 | 63.70 |
The total fall in the share price amounted to more than 12% after which it recovered a little.
The 52 week high& low made by it are :
| 52 Week High (27-May-2024) | 76.55 |
| 52 Week Low (02-Aug-2023) | 24.95 |
IRB Infrastructure Developers Ltd is an infrastructure development and construction company in India with extensive experience in the roads and highways sector. It is also in other business segments in the infrastructure sector, including maintenance of roads, construction, airport development and real estate.
Reasons for decline in share price:
The share price fell sharply as a block deal was done during the market hours . The persons who sold the shares were IRB Holding Pvt. Ltd. and Deepali Virendra Mhaiskar( Whole-Time Director) are the sellers in the deal. The total offer size represents up to 4% of the company’s equity, with a maximum value of ₹1,512 crore at the lower end of the price band. The total number of shares they sold were 22,50,00,000 @ rupees 64.32 & 64.12 per share. The buyers of the shares were THE MTBJ A/C NOMURA INDIA INVES FD.They bought a total of 38730591 shares at a price of 66.25 per share.
As per the Q4 data , IRB Holding Pvt Ltd owned a 33.2 percent stake and Deepali Virendra Mhaiskar owned a 0.27 percent stake of IRB Infrastructure.
The transaction was being by Jefferies India Private Ltd and CLSA India Private Ltd. Additionally, the sellers are subject to a 180-day lock-up period if they want to sell their shares again.
It is to be noted that selling shares by promoters negatively impacts the investing decision of investors. Hence the investors should be cautious while making their investment decision.
READ MORE: Cummins India shines with Stellar Financial Performance. Announces 1000% dividend
DISCLAIMER:
The recommendations made above are by market analysts and are not advised by either the author, nor FinTrend 24. The author, nor the brokerage firm nor FinTrend 24 would be liable for any losses caused as a result of decisions based on this write-up. FinTrend 24 advises users to consult with certified experts before making any investment decision.