State-run insurer Life Insurance Corporation (LIC) has raised its stake in the company that operates Mumbai-Pune Expressway. LIC now has a 7.06 per cent stake in IRB Infrastructure Developers.
The company in its filing said the insurer added 2.03 per cent stake or 7.19 lakh equity shares to its existing holding of 1.76 crore equity shares or 5.03 per cent stake. The insurer increased its stake by market purchase.
LIC's stake in the company rose to 5.27 per cent from 3.81 per cent in the June quarter of FY 2021.
IRB Infra is the largest highway developer in the private sector with an asset base of Rs 45,000 crore and two InvITs. The company’s business segments are toll roads, construction, airport development and real estate.
It has constructed over 12,537 lane km with 8,809 lane km operational and 3,728 lane km under development (including projects under public and private InvIT) across the country in the past two decades.
IRB portfolio comprises 21 projects including 19 BOT, one TOT and one HAM projects. BOT segment includes nine projects under private InvIT with O&M contracts; three projects under tolling and seven projects under O&M contracts as a project manager for IRB InvIT.
