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.