In intra-day trading on Friday, shares of IRB Infrastructure Developers (IRB Infra) soared 16% to a new three-year high. On the heels of the company's fund-raising ambitions, the stock has soared by as much as 39% in the last three days. The shares of a company that builds roads and highways was trading at their highest level since May 2018.
IRB Infra said on Thursday that a meeting of the company's board of directors will be conducted on Tuesday, October 26, 2021, to review and approve a fund-raising proposal.
The company stated that it plans to raise money through the sale of equity shares, bonds, debentures, non-convertible debt instruments/ securities, and/or any other instruments/ securities, including preferential issue on a private placement basis, qualified institutions placement, rights issue, or any other method or combination thereof, including determining the issue price as permitted by applicable laws.
IRB Infra has increased by 153% since June 2021, when the HDFC Mutual Fund bought a 1% interest in the company on the open market.
"As of March 31, 2021, our order book had grown to Rs 146 billion, ensuring good visibility for the EPC segment for the foreseeable future, while our net debt to equity ratio remained at 1.9x," the company said. The business stated, "We are well positioned to win a large number of BOT projects in upcoming bids, ensuring a consistent rise in execution as well as our Toll revenues in the long run."
IRB Infrastructure Developers Ltd., founded in 1998, is a Mid Cap business in the Infrastructure sector with a market cap of Rs 9,199.20 crore. Today, the stock reached a new 52-week high. The stock returned 103.66 percent over three years, compared to 90.6 percent for the Nifty Midcap 100.
In the fiscal year ended March 31, 2021, the company spent 31.94 percent of its operating revenues on interest charges and 4.94 percent on labor costs. The stock returned 103.66 percent over three years, compared to 90.6 percent for the Nifty Midcap 100. Over a three-year period, the stock returned 103.66 percent, while the Nifty Infrastructure index returned 82.38 percent.
|Market Cap (Rs. in Cr.)||9935.49|
|Earning Per Share (EPS TTM) (Rs.)||5.08|
|Price To Earnings (P/E) Ratio||55.68|
|Book Value Per Share (Rs.)||75.45|