The board of IRB Infrastructure Developers has approved a proposal for change in equity capital along with split of existing shares to convert one share with face value of Rs 10 into 10 shares with face value of Re 1 each.
The company said it will now initiate shareholders’ approval and regulatory approval to implement the share split for trading on stock exchanges. The company said this has been done with an aim to increase liquidity in the capital market, broaden the shareholder base and make shares more affordable for small investors. IRB Infrastructure Developers said it will be completed by February 28, 2023.
The company’s stock closed at Rs 319.65, up 1.56 per cent, on the BSE. The stock has gained nearly 31% year-to-date, while the stock has climbed from around ₹55 to ₹290 levels in about three years, a 450 per cent increase during this period.
IRB Infrastructure Developers share price history: This multibagger stock has gained from around ₹276 to ₹318 per share in last one month. At this time there has been a jump of about 15 percent. The stock has gained up to 63 per cent in the last six months.
As per Kotak Securities research report, the multibagger infra stock is expected to go up to ₹340 in next 12 months. It has given nearly 20 per cent return to its shareholders over the long term. Kotak Securities said, “IRB is emerging as a platform for road assets with finance from GIC and Sintra, with a portfolio of toll projects, construction arm and development capital to finance new projects. Major projects of IRB Toll collection for Mumbai-Pune Expressway increasing from April 2022.”
The brokerage further said that despite weak inflows from NHAI (National Highways Authority of India) so far, IRB’s EPC arm is better positioned than peers on a strong order book.