Two IRB Infra promoters sell 10% stake

MUMBAI: Two of the promoters of road developer IRB Infrastructure have sold around 10% stake through secondary market transactions in the past one week to raise around Rs 457 crore to revoke pledge on the shares held by them.

Analysts also see the series of block deals as an attempt to restructure the shareholding pattern of the Virendra Mhaiskar-controlled IRB Infrastructure to reduce the cross holding in the company by his father Dattatray Pandurang Mhaiskar and Ideal Toll and Infrastructure Private, which is promoted by his brother Jayant Mhaiskar.

"My brother and father have not been involved in my business and they have their separate business interests. They have sold these shares to fulfil the capital requirements of their businesses and reduce their leverages," Virendra Mhaiskar, chairman and managing director of IRB said.

Dattatray Pandurang Mhaiskar and Ideal Toll and Infrastructure Private together held around 17% in IRB and had pledged almost 14% of the company's total capital.