Shares of IRB Infrastructure rose 6% to Rs 31.60 on the BSE intraday trade on Wednesday after a 1:10 stock split. The stock was quoted near its 52-week high of Rs 32.90 on December 14, 2022.

The company has fixed February 22, 2023, as the “Record Date” to determine if shareholders are eligible for subdivision/split of each one share capital of Rs 10, fully paid up into 10 shares of par value Re 1 each fully paid up clear.

“The rationale behind the stock split was to enhance the liquidity of the capital markets, expand the shareholder base, and make the shares more affordable for small investors,” the company said.

At 9:53 am, IRB Infra was up 3% at Rs 30.70, while the S&P BSE Sensex was down 0.78%. A total of 24.5 million shares have changed hands on the NSE and BSE so far.

Meanwhile, the stock surged 12% in the past two sessions after the company emerged as the preferred bidder for a Rs 2,132 crore build-operate-transfer (BOT) project in Gujarat state.

The project has a concession period of 20 years from the appointed date and is a six-lane 90.9 km section between Samakhiyali and Santalpur.

Following the award of the project, the company’s order book will be revised to approximately Rs 20,892 crore (excluding GST), including a construction order of Rs 9,714 crore, which will provide strong visibility for the next about 2.5 years.

IRB is India’s first multinational infrastructure operator in the highways sector. As India’s largest integrated private toll road and highway infrastructure developer, the winning bid will enhance the asset base of IRB Group to over Rs 62,000 crore, spread across 10 states and two InvITs of the parent company.