IRB Infrastructure rises as Singapore’s GIC says it will invest in company’s road assets

Shares of IRB Infrastructure Developers rose as much as 10.6 per cent to Rs 105.8; their highest since June 18.

The company, which is engaged in construction and maintenance of roads, said on Tuesday an affiliate of Singapore’s GIC sovereign wealth fund would invest Rs 4,400 crore ($620.24 million) in its road and highway assets.

IRB Infrastructure will hold a 51 per cent stake and keep management control in a private infrastructure investment trust, which will be set up under the deal, the highway construction firm said.

Around 4 million shares changed hands, versus the 30-day average of ~1.4 million shares.