IRB Infra share price continues witnessing buying for 2nd day, jumps over 7%

livemint.com:

BSE on Friday, March 15, defying an overall downtrend in the market. IRB Infrastructure share price opened at ₹56.10 against the previous close of ₹56.07 and soon jumped 7.5 per cent to hit the level of ₹60.29. It, however, pared gains and traded around 3.58 per cent higher at ₹58.08 around 10:15 am.

IRB Infra share price saw healthy traction after the company said transport infrastructure developer Cintra, a subsidiary of Spanish infra group Ferrovial, will acquire a 24 per cent stake in IRB Infra Trust from GIC affiliates. IRB Infra Trust is a listed SEBI-registered Infrastructure Investment Trust. As Mint reported earlier, Cintra has entered into a definitive agreement for this acquisition which also includes a 24 per cent stake in MMK Toll Road Pvt Ltd, the investment manager of the Trust.

The completion of the acquisition is subject to fulfillment of conditions precedent, including requisite regulatory and third-party approvals. Also Read: Ferrovial subsidiary Cintra to acquire 24% stake in IRB Infra Trust from GIC IRB Infra share price has been on a roll in the last one year, jumping as much as 103 per cent. The stock hit its 52-week high of ₹71.95 on February 5 this year and its 52-week low of ₹22.56 on March 28 last year.