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Ferrovial sells stake in Indian road construction company for €214 million
13 June 2024
Image courtesy of Ferrovial
Dutch-headquartered infrastructure company Ferrovial has sold its stake Indian road construction company IRB Infrastructure Developers via its Cintra subsidiary.
Ferrovial said it had sold its 5% stake in IRB for €214 million (US$231.4 million) via 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).
Despite the sale, Ferrovial remains IRB’s second-largest shareholder with a 19.9% stake. It will also maintain the same representation on IRB’s board of directors.
It said the sale of a 5% stake would enhance the liquidity of IRB’s shares. The operation follows the recent announcement of the acquisition of 24% in IRB Infrastructure Trust. Ferrovial said this would “complement” its strategy in India, a market with “great long-term growth perspectives”.
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