Ferrovial, one of the world’s leading infrastructure companies, has sold, through its subsidiary Cintra, a 5% stake in Indian company IRB Infrastructure Developers (IRB) for 214 million euros (assuming a EUR/INR exchange rate of 89.72).
The sale was carried out in the form of a block deal or placement of 301.9 million shares with institutional investors on the National Stock Exchange (NBE) and the Bombay Stock Exchange (BSE). The shares in IRB were sold at an average price of 63.60 rupees.
The estimated pre-tax capital gain from this transaction is 130 million euro.
The transaction will enhance the liquidity of IRB Infrastructure Developers shares. Ferrovial will continue to be the second-largest shareholder, with a 19.9% stake. It will maintain the same representation on the Board of Directors. The operation follows the recent announcement of the acquisition of 24% in IRB Infrastructure Trust and complements Ferrovial’s strategy in India, a market with great long term growth perspectives.
