IRB Infra promoters likely to sell 4% to raise Rs 1,512 crore

Mumbai: Promoters of IRB Infrastructure Developers are likely to sell a 4% stake in the company on Thursday to raise ₹1,512 crore ($181 million), according to a term sheet reviewed by ET.

The selling entities include IRB Holding Private and Deepali Virendra Mhaaiskar.

As of March 2024, IRB Infrastructure promoters held a stake of 34.29% in the company, as per BSE filings.

The sellers have put up 240 million shares for sale with a floor price ranging from ₹63 to ₹72.7 per share. This represents a 13% discount on the lower range compared to the closing price on Wednesday.

Jefferies and CLSA India are serving as bankers for the deal.