This mid cap stock records 99.99% shareholders’ nod for 1:10 stock split
IRB Infrastructure Developers Ltd. is the first international player in the infrastructure sector of highways in India. IRB has an asset base of about Rs.60,000 Cr. across 10 States across the parent company and two InvITs, making it the largest integrated private toll roads and highways infrastructure developer in India. The proposed stock split of equity shares with a majority has received the approval of IRB Infrastructure Developers, the company said today. After the company’s Board of Directors authorised the split of one equity share with a face value of Rs. 10 into ten equity shares with a face value of Rs. 1, 99.99% of the company’s shareholders supported the decision in a postal vote.
IRB Infrastructure Developers said today in a stock exchange filing that “The Shareholders’ go ahead to the Company accorded through the postal ballot will now enable Company to initiate further necessary steps to bring the split into reality and credit the appropriate numbers of shares to the Demat Accounts of the eligible shareholders.”
As of January 4, 2023, the deadline for postal ballot, there were 1,55,282 shareholders in the company. A total of 54,32,87,734 votes were recorded, and 99.99% of those votes supported the proposal of stock split in 1:10 ratio.
The Board of Directors of IRB Infrastructure Developers informed stock exchanges by saying that “we wish to inform you that the Company has fixed Wednesday, February 22, 2023 as the ‘Record Date’ for the purpose of determining the eligibility of Shareholders for the purpose of sub-division /split of every 1 (one) equity share having face value of Rs. 10/- (Rupees Ten only) each, fully paid-up into 10 (ten) equity shares having face value of Re. 1 (Rupee One) each fully paid-up, as approved by the shareholders through Postal Ballot on February 06, 2023.”
Recently, IRB Infrastructure Developers Limited announced that CRISIL Ratings have upgraded its ratings on the bank facilities to ‘CRISIL AA-/Stable/CRISIL A1+’ from ‘CRISIL A/Positive/CRISIL A1’.
The shares of IRB Infrastructure Developers closed today on the NSE at ₹266.50 apiece level, down by 3.28% from the previous close of ₹275.55. The stock recorded a total volume of 10,55,049 shares compared to the 20-Day average volume of 29,36,231 shares. In the last 1 year the stock has fallen 10.10% and on a YTD basis, it has fallen 15.13% so far in 2023. The stock touched a 52-week-high of ₹329.40 on (14-Dec-2022) and a 52-week-low of ₹178.90 on (20-Jun-2022), indicating that at the current market price, the stock is trading 19.09% below the 1-year high and 48.96% above the 1-year low.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.