Shares of IRB Infrastructure gained close to 10% percent in trade today to hit a 52-week high of Rs 142.5 per share on the NSE. The scrip extended gains after HDFC Mutual Fund bought over 1% holding in the company through open market.
As per the bulk deal data, on May 31, 2021, HDFC Mutual Fund acquired 2.48 million shares that account for 0.71 percent of the total equity of the infra major at a price of Rs. 111 per share. Additionally, on June 1, 2021, the mutual funds companhy bought 2.46 million shares, or 0.70 per cent stake in the company, at the price of Rs 111.34 per share via a bulk deal on the NSE.
In another development, the road and highways construction entity informed that the Udaipur BOT (Build, Operate & Transfer) project undertaken by Udaipur Tollway (SPV), i.e. now the part of IRB Infrastructure Trust - Private InvIT, has been granted a completion certificate by the authority. Thereby toll rates for the special purpose vehicle would see a spike by around 55 percent and the SPV shall collect toll at revised rates for this project.
In the last 8 trading sessions since May 31 the stock has gained 27% to last trade at Rs. 142.65 per share on the NSE.