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The Board of engineering and construction company IRB Infrastructure Developers Ltd. will meet on January 4 to consider a proposal for the split of the equity shares of the company.

The mid-cap company, in a filing on Monday, said that the board will consider changing the share capital by sub-division/split of existing equity shares having a face value of Rs 10 each, fully paid up.

IRB Infra, however, did not disclose the share split ratio.

Companies usually opt for a share split to improve the liquidity of the stock and make it more affordable for investors.

IRB Infra's market valuation was around Rs 19,000 crore. Its shares have gained around 30 percent in the past year.

In an interaction with CNBC-TV18 last week, the management of IRB Infra said that majority of the company's debt is project-based and they don't see that going any higher. It is also confident of a 20 percent growth in toll collections for the year.

IRB Infrastructure Developers Ltd. (IRB) is India’s first multinational infrastructure player in the highways segment. IRB has an asset base of over Rs 60,000 crore in 10 states across the parent company and two InvITs.

The company has a strong track record of constructing, tolling, operating, and maintaining around 15,500 lane km pan India and has the ability to construct over 500 km a year.

For November 2022, IRB Infra reported a toll collection of Rs 365.95 crore as against Rs 262.81 crore in November 2021.

IRB Infra shares are trading 0.50 percent higher at Rs 314.35.

(Edited by : Rukmani Krishna)