IRB Infra stock split: Check ratio and record date; brokerages upbeat

IRB Infra Share Split Record Date 2023: IRB Infrastructure Developers' record date for the 10:1 stock split is February 22, according to a regulatory filing.

IRB Infra Share Split Record Date 2023: The Mumbai headquartered company will split each share bearing a face value of Rs 10 into 10 shares. Pic: Official Website

IRB Infra Share Split Record Date 2023: Highway infrastructure developer IRB Infrastructure Developers' record date for the 10:1 stock split is February 22, according to a regulatory filing. The Mumbai headquartered company will split each share bearing a face value of Rs 10 into 10 shares. The new face value after the split will be Re 1.

The company's board has fixed the record date for determining the eligibility of the shareholders for the split. The record date is February 22.

The company's shareholders have approved the stock split with 99.99 per cent of them voting for the resolution, the company informed.

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"We wish to inform you that the Company has fixed Wednesday, February 22, 2023 as the ‘Record Date’ for the purpose of determining the eligibility of Shareholders for the purpose of sub-division/split of every one equity share having face value of Rs 10 each," the company said in a regulatory filing.

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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.

The company in the October-December quarter reported a whopping 94 per cent increase in its net profit at Rs 141.35 crore from Rs 72.68 crore in the corresponding quarter last fiscal. Its total toll collection in January also jumped 36 per cent to Rs 374.81 crores as against Rs 276.44 crores in January 2022.

Meanwhile, several domestic brokerages are upbeat on the counter and have revised their targets.

Brokerage firm Motilal Oswal said that IRB’s order book is strong at Rs 191 billion. It received appointed date for the Ganga Expressway project during 3QFY23. As some of these large projects move into execution, "we expect EPC growth to improve going ahead".

The brokerage house has tagged a 'neutral' rating on the scrip with a target price of Rs 295.

Anand Rathi has tagged a Hold rating on the counter. It said that the management, citing healthy prospects, is sanguine of adding to keep growing. The toll division continues to benefit from rising traffic and periodic rate-revisions. On the reassuring outlook, "we retain Hold rating, at a higher target price of Rs 309" on asset sale and raised estimates.

IBR Infra shares traded flat at Rs 291 apiece on NSE on Monday around 11 AM. The scrip has yielded a return of 20 per cent in the past 6 months. The stock's 52-week range is Rs 34.90 - Rs 17.89.

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