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IRB Infrastructure to acquire entire stake of MVR Infrastructure

09 May 2012 Evaluate

IRB Infrastructure Developers has received its board’s approval for acquisition of 69,10,170 equity shares constituting 100% stake of MVR Infrastructure & Tollways from its promoters, existing institutional shareholders and other shareholders.

The transaction is proposed to be completed in three tranches, subject to various terms and conditions including obtaining of necessary approvals from regulatory authorities (including the NHAI) and lenders of the company. The board of directors of the company has approved the execution of certain definitive documents in this regard and further disclosures, if any will be made at the time of the execution of the definitive documents.

On the consolidated basis, IRB Infrastructure posted a rise of 17.12% in its net profit at Rs 120.35 crore for the quarter ended March 31, 2012 as compared to Rs 102.76 crore for the same quarter in the previous year. Total income increased by 11.56% at Rs 881.18 crore for quarter under review as compared to Rs 789.85 crore for the quarter ended March 31, 2011.

IRB Infra.&Developer Share Price

21.84 -0.16 (-0.73%)
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