The proposed combination relates to GIC Investor’s acquisition of the Target on a fully diluted basis and non-fully diluted basis, through the subscription of new shares issued by way of a preferential issue on a private placement, CCI said in a statement.
Shares of IRB Infrastructure rallied 7 per cent and hit a 52-week high of Rs 139.40, ron the National Stock Exchange (NSE) in intra-day trade on Thursday, extending its upward movement after the HDFC Mutual Fund acquired more than 1 per cent stake in the company via open market. In the past eight trading days, the stock of the road & highways construction company has soared 31 per cent from the level of Rs 106.25, hit on May 28, 2021.
On May 31, 2021, HDFC Mutual Fund bought 2.48 million shares, representing 0.71 per cent of the total equity of IRB Infra, at price of Rs 111 per cent via bulk deal on the NSE, the exchange data shows. The mutual funds, further on June 1, 2021, purchased additional 2.46 million shares, or 0.70 per cent stake in the company, at the price of Rs 111.34 per share, the bulk deal data shows.
Read more about IRB Infra rallies after HDFC MF acquires stake on Business Standard. IRB Infrastructure Developers spurted 4.14% to Rs 116.90 after HDFC Mutual Fund bought 0.71% stake via bulk deals on 31 May 2021.
Read more about Stocks to watch: M&M, Sun Pharma, Eicher Motors, Glenmark Pharma on Business Standard. Analysts expect M&M to report up to 330 per cent YoY growth in net profit, helped by increase in volume and average selling price