GIC Sells Massive Stake in IRB Infrastructure Trust for Rs 5,884 Crore
Singapore's sovereign wealth fund GIC sold shares of IRB Infrastructure Trust worth Rs 5,884 crore through open market transactions. The shares were purchased by Dutch infrastructure company Ferrovial. The transaction boosted IRB Infrastructure Trust's stock price by 9.62% on the NSE.
![GIC Sells Massive Stake in IRB Infrastructure Trust for Rs 5,884 Crore](https://devdiscourse.blob.core.windows.net/aiimagegallery/03_06_2024_08_54_05_42243.png)
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In a major financial move, Singapore's sovereign wealth fund GIC offloaded a substantial stake in IRB Infrastructure Trust amounting to Rs 5,884 crore. The sale was executed via open market transactions through affiliates Anahera Investment Pte, Dagenham Investment Pte, and Stretford End Investment Pte, on the National Stock Exchange (NSE).
Bulk deal data on the NSE revealed that Anahera sold 20.42 crore shares, Dagenham divested 4.90 crore shares, and Stretford End disposed of 1.40 crore shares. In total, 26.72 crore shares were sold at an average price of Rs 220.22 each, culminating in a combined deal value of Rs 5,884.27 crore.
The shares were acquired by Dutch infrastructure major Ferrovial through its arm Cintra InvIT Investments BV at the same price. Following the transaction, shares of IRB Infrastructure Trust surged by 9.62%, closing at Rs 220.22 apiece on the NSE.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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