The board of IRB Infrastructure Developers on Wednesday approved the split of existing equity shares with face value of Rs 10 per share into 10 shares with face value of Re 1 per share. Virendra Mhaiskar, chairman and managing director, said the company had decided to effect the stock split as it approached 25 years of incorporation and completion of 15 years as a listed company.
As a responsible corporate, the company has progressed over these 25 years in a meaningful manner, creating toll road assets in excess of Rs 60,000 crore across the group, and in the process creating significant shareholder wealth. With the mindset of further rewarding and accommodating small shareholders in the value-accretive journey of the company, we thought it necessary to effect the stock split to have a sizable participation from this segment of investors, the company said.
IRB Infra has approximately 20% share in the Golden Quadrilateral project, which is the largest by any private infrastructure developer in India. After successfully completing 13 concessions and handing them over to nodal agencies, IIRB Group’s project portfolio (including private and public InvIT) has 22 road projects that include 17 BOT, 1 TOT and 4 HAM projects.