Shareholders of IRB Infrastructure Developers NSE 4.66 % have approved the proposed 1-to-10 split of equity shares by a majority of 99.99%.
“In a postal ballot process conducted after the Company Board approved the split of equity shares of Rs 10 face value into 10 equity shares of Re 1 face value each, 99.99% shareholders of the company favoured the resolution,” IRB Infrastructure NSE 4.66 % said in a filing.
The cut-off date, as on January 2023, for exercising postal ballot, the company’s shareholders strength was 1,55,282. Of the total 54,32,87,734 votes polled, 99.99% votes were in favour of the resolutions.
The shareholders’ go ahead will now enable the company to initiate further necessary steps to bring the split into reality and credit the appropriate numbers of shares to the Demat accounts of the eligible shareholders.
The company has fixed February 22 as the record date for the purpose of determining the eligibility of shareholders for the proposed stock split.
IRB Infrastructure Developers is India’s first multinational infrastructure player in the highways segment. As the integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 60,000 crore in 10 states across the parent company and two InvITs.