IRB stock jumps nearly 5 pc on first tranche of investment

IRB Infrastructure Developers' shares on Tuesday gained nearly 5 per cent after receiving the first tranche of investment from GIC affiliates.

On the BSE, the stock jumped 9.05 per cent to intra-day high of Rs 101.80. It closed 4.71 per cent higher at Rs 97.75.

On the NSE, it soared 9.15 per cent to Rs 101.90 and closed the day at Rs 97.70, up 4.66 per cent over previous close.

More than 38 lakh shares were traded on the NSE and 2.33 lakh units were exchanged on the BSE.

IRB Infrastructure Developers on Tuesday said it has received the first tranche of investment of Rs 3,753 crore from GIC affiliates.

In a regulatory filing, IRB Infrastructure Developers said Rs 3,753 crore from GIC affiliates has been received out of its commitment of Rs 4,400 crores by IRB Infrastructure Trust.

In August 2019, the company had announced signing of definitive agreements with GIC affiliates for an investment of up to Rs 4,400 crore -- amounting to 49 per cent stake in a portfolio of nine of its assets through Private InvIT structure (IRB Infrastructure Trust), while IRB was to retain controlling stake of 51 per cent in the Trust.