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IRB’s promoters revoke pledged shares – a positive development
IRB Infra (IRB), one of the leading road developers in the country, is expected to benefit
from the current buoyancy in the road sector. In our recent report on IRB, Management
Meet Update, we had mentioned one of the major concerns regarding a promoter group’s
shares being pledged (namely D P Mhaiskar and Ideal Toll and Infra Pvt. Ltd. (8.8% and
7.7% stake, respectively) up to 99.7% of their holding) and the fear looming over the stock
in case margin call gets triggered. However, as per the recent company announcements,
these promoters have revoked ~25% of their pledged shares, which will put rest to these
concerns to a certain extent. We maintain our Accumulate rating on the stock with a target
price of `191.
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