Continuing its winning streak in the build-operate-transfer (BOT) space, leading highways infrastructure developer IRB Infrastructure has been selected as the preferred bidder for a highway in Gujrat. The 6-lane 90.90 -km stretch between Samakhiyali to Santalpur will be constructed for Rs 2,132, the company said in a regulatory filing.
The Mumbai-based company said that upon award of this project, its order book will stand at Rs 20,892 crores (excluding GST), of which, the construction order book will be at Rs 9,714 crores.
Virendra D Mhaiskar, chairman and MD, IRB Infra, said that the project is the sixth such project that the company will execute in Gujarat.
"The present project will be an important addition to IRB portfolio as this project caters to heavy commercial traffic connecting the Kandla and Mundra port and is brownfield part of the prestigious Amritsar Jamnagar expressway," he said in a statement.
Shares of IRB Infra today gained 4.52 per cent to settle at Rs 296.95. The stock will trade ex-split on Wednesday, February 22. The company has declared that it will split equity shares in 10:1, meaning one share having a face value of Rs 10 will split into 10 shares of the face value of Re 1. February 22 has also been fixed as the record date for the split.
The rationale behind the split is to enhance the liquidity in the market, to widen the shareholder base and to make the shares more affordable to small investors.
IRB Infra's net profit in the October-December quarter zoomed a whopping 94 per cent to Rs 141.35 crore from Rs 72.68 crore in the same period last fiscal.