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Business News/ Companies / News/  Highways developer IRB plans to raise up to 2,200 cr via NCDs
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Highways developer IRB plans to raise up to ₹2,200 cr via NCDs

The company has entered into a definitive agreement with India Toll Roads - FPI for raising of funds by issuance of NCD. The proceeds would be utilized for repayment of existing loans up to ₹1,600 crore.

Highways developer IRB plans to raise up to ₹2,200 cr via NCDsPremium
Highways developer IRB plans to raise up to 2,200 cr via NCDs

Highways developer IRB Infrastructure Developers Ltd (IRB) has announced that it will raise 2,220 crore by issuing non-convertible debentures.

In its regulatory filings, it has mentioned, "The company has entered into a definitive agreement with India Toll Roads - Foreign Portfolio Investor, for raising of funds by issuance of non-convertible debentures up to 2,220 crore subject to the satisfactory completion of procedural conditions."

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IRB Infrastructure Developers further said: the proceeds would be utilized for repayment of existing loans up to 1,600 crore and balance for meeting Capex requirements and general corporate purposes.

Shares of IRB Infrastructure Developers were trading 0.50% higher at 111.20 apiece on BSE.

IRB reported a consolidated net loss of 20 crore for the quarter ended September 30, 2020. The company had clocked a consolidated profit of 200 crore in the corresponding quarter of the previous fiscal, it said in a statement.

Total consolidated income during the quarter under review declined to 1,169 crore as against 1,801 crore in the year-ago period.

"Recovering from the COVID-19 pandemic impact in the first quarter of FY21, IRB Infrastructure Developers Ltd, India's one of the largest and leading highway infrastructure companies, saw its losses reducing to 20 crore while cash profit for the quarter stood at 150 crore with revenues of 1,122 crore," the company said. 200 crore in the corresponding quarter of the previous fiscal, it said in a statement.

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Published: 10 Feb 2021, 11:48 AM IST
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