The funds raised will be utilised towards equity requirement for under construction projects
The funds raised will be utilised towards equity requirement for under construction projects

IRB Infra completes Rs 382 crore fund raise by way of rights issue

ANI | Updated: Jul 27, 2021 15:41 IST


Mumbai (Maharashtra) [India], July 27 (ANI): IRB Infrastructure Developers said on Tuesday it has completed total fund raise of Rs 381.63 crore with an investment of Rs 194.63 crore in its sponsored IRB Infrastructure Trust, the private InvIT jointly launched by the company and Singapore-based GIC Affiliates with 51 per cent and 49 per cent holding in it respectively.
Virendra D Mhaiskar, Chairman and Managing Director, said with the investment of Rs 194.63 crore in IRB Infrastructure Trust, the company's aggregate equity investments across its road portfolio comprising wholly-owned concessions, 51 per cent ownership in the private InvIT and 16 per cent ownership in public InvIT have crossed Rs 9,000 crore mark.
IRB Infrastructure Trust completed the fund raising of Rs 381.63 crore by way of rights issue. While the sponsors IRB Infra invested Rs 194.63 crore, GIC Affiliates invested Rs 187 crore.

GIC Affiliates had invested Rs 3,750 crore in February 2020 as the first tranche towards investment in IRB Infrastructure Trust which was subsequently followed by the second tranche of Rs 510 crore raised in November 2020 by way of rights issues with respective holding of 51:49 for sponsor IRB Infrastructure Developers Ltd and GIC Affiliates.
All projects under the private InvIT are revenue generating, including three projects which are under tolling and construction. The funds raised will be utilised towards equity requirement for under construction projects.
IRB Infrastructure Developers is India's largest integrated private toll roads and highways infrastructure developer with an asset base of over Rs 54,000 crore in 10 states across the parent company and two infrastructure investment trusts. (ANI)

Loading...
iocl
iocl