Shares of IRB Infrastructure Developers witnessed a substantial gain of nearly 13.5% in morning trade on January 29, buoyed by positive news of an arbitration tribunal’s award in favor of Yedeshi Aurangabad Tollway (YATL).
At 12:20 pm, the stock was trading at ₹57.10.
In a regulatory filing on January 28, IRB Infrastructure Developers announced that the Arbitration Tribunal had ruled in favor of YATL, a special purpose vehicle (SPV) established for the project, in arbitration proceedings against the National Highways Authority of India (NHAI). According to the filing, IRB is set to receive Rs 1,681 crore as compensation and is also entitled to further interest from the award date until the realization of the compensation, as per the terms of the award. The positive outcome of the arbitration proceedings contributed to the significant surge in IRB Infrastructure Developers’ stock value.