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Business News/ Companies / News/  IRB receives shareholder approval to raise Rs1,500 crore
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IRB receives shareholder approval to raise Rs1,500 crore

The company's shareholders approved raising the sum through a special resolution, the firm said in a filing to BSE

IRB said the proceeds will help the firm cut its debt and fund new projects.Premium
IRB said the proceeds will help the firm cut its debt and fund new projects.

Mumbai: IRB Infrastructure Developers Ltd said on Monday that it will raise 1,500 crore via private placement of securities to Qualified Institutional Buyers (QIB).

The company’s shareholders approved raising the sum through a special resolution, the firm said in a filing to BSE.

The proceeds will help the firm cut its debt and fund new projects, it said. As of September, IRB Infra’s total consolidated debt was at 11,065.45 crore.

In September, the company had tied up financing of 910 crore from a consortium of bankers led by IDBI Bank Ltd, for its Solapur Yedeshi project. The total cost of this project is 1,492 crore, out of which viability-gap funding of 189 crore will be provided by National Highways Authority of India (NHAI) and IRB will make an equity contribution of 393 crore, the firm had said in a BSE filing.

IRB’s shares rose 0.39% to 256.65 at 11:19am on BSE on Tuesday, while the benchmark Sensex fell 0.3% to 28,034.86 points.

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ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 09 Dec 2014, 11:40 AM IST
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