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
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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