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The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in securities that compose its underlying index. The underlying index is composed of equity securities in developed and developing markets that are included in the MSCI ACWI All Cap Index. Companies in the MSCI ACWI All Cap Index are screened to include only companies within the Global Industry Classification Standard (GICS) sub-industries and are classified into infrastructure sectors.

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Ferrovial SE sells 5% stake in IRB Infrastructure Developers for 214 million euros in a block deal on NSE and BSE, aligning with its India strategy and retaining 19.9% stake.

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Ferrovial SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FER#NASDAQ">FER</a>) shares are trading lower after the company divested a 5% stake in Indian firm IRB Infrastructure Developers (IRB) through its subsidiary <a target="_blank" href="https://static.ferrovial.com/wp-content/uploads/2024/06/11155408/pr-ferrovial-sells-5-stake-in-irb-infrastructure-developers.pdf" rel="noreferrer noopener">Cintra</a>.



The transaction amounted to EUR214 million, based on a EUR/INR exchange rate of 89.72.



The sale was conducted as a block deal or placement of 301.9 million shares with institutional investors on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) at an average price of INR63.60.



The estimated pre-tax capital gain from this transaction amounts to EUR130 million.



This move aligns with Ferrovial&#8217;s strategy in India, complementing its recent acquisition of a 24% stake in IRB Infrastructure Trust and capitalizing on the significant long-term growth prospects in the Indian market.



This sale will bolster the liquidity of IRB Infrastructure Developers shares. Ferrovial will retain its position as the second-largest shareholder, holding a 19.9% stake, and maintain representation on the Board of Directors.



Ferrovial concluded the first quarter with high liquidity levels of €4.9 billion and consolidated net debt of €(667) <a target="_blank" href="https://static.ferrovial.com/wp-content/uploads/2024/05/13231811/20240513-q1-2024-results.pdf" rel="noreferrer noopener">million</a>.



Investors can gain exposure to the stock via IShares Inc IShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) and, ClearBridge Sustainable Infrastructure ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INFR#NASDAQ">INFR</a>).



Price Action: FER shares are down 3.31% at $40.02 at the last check Wednesday.



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo via Shutterstock

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Latest ClearBridge Sustainable Infrastructure ETF News | NASDAQ:INFR | Benzinga

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