IRB Infra shares are trading at a 1:10 split; the stock is rising.

by flasharticle

IRB Infra shares are trading at a 1:10 split: IRB Infrastructure Developers Ltd shares rose more than 2% to 31 each on the BSE on Wednesday, as the stock began trading ex-split, or on the record date of the company’s equity share sub-division or stock split in the ratio of 1:10.

Last month, the company announced that its board “approved sub-division/split of existing equity share of the Company from 1 (one) equity share having face value of Rs. 10/- (Rupees Ten only) each, fully paid-up into 10 (ten) equity shares having face value of Re. 1 (Rupee One) each, fully paid-up, subject to shareholder approval.”

It designated Wednesday, February 22, 2023, as the “Record Date” for assessing shareholder eligibility for the stock split.
A stock split increases the number of outstanding shares by issuing extra shares to present shareholders. Suppose a company’s stock price levels are very high. In that case, it may decide to split its shares to make them cheaper, resulting in increased liquidity in the stock.

IRB Infrastructure Developers Ltd reported a 95% increase in its consolidated net profit to 141 crores for the quarter ending December 31, 2022 (Q3 FY23) from 72.7 crores the previous year.

Its overall revenue from October to December 2022 increased to 1,570 crores, up from 1,498 crores the previous year. The company’s costs decreased from 1,280 crores to 352 crores.

GIC Affiliates has committed 49% investment in the Ganga Expressway Project, the business stated in a separate statement last month, and the first payment of approximately 329 crores has been received.

Nevertheless, toll collection income increased 36% to 375 crores in January 2023, up from 276 crores in January 2022. “The continuously solid rise in toll income across all our projects over the previous year shows the country’s post-pandemic economic stability, and these corridors are playing a critical part in it,” stated Virendra D Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers.

IRB Infrastructure Developers Ltd. is a significant multi-national highway infrastructure developer with a strong presence in the Build-Operate-Transfer (BOT) market.

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