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IRB Infra completes 381.63 crores fundraise in IRB Infrastructure Trust

The funds raised will be utilized towards equity requirements for under-construction projects. Photo: Hemant Mishra/MintPremium
The funds raised will be utilized towards equity requirements for under-construction projects. Photo: Hemant Mishra/Mint

  • IRB Infrastructure Trust, the Private InvIT, sponsored by IRB Infrastructure Developers Ltd and the GIC Affiliates completed the fundraising of 381.63 crores by way of rights issue. While the sponsors IRB Infra invested 194.63 crores; the GIC Affiliates invested 187 crores

MUMBAI: IRB Infrastructure Developers Ltd, one of the leading highways infrastructure developers in India, has completed total fundraising of 381.63 crores with an investment of 194.63 crores in its sponsored IRB Infrastructure Trust, the Private InvIT jointly launched by the company and Singapore based GIC Affiliates with 51% and 49% holding in it, respectively.

“With this investment of 194.63 crores in the IRB Infrastructure Trust, company’s aggregate equity investments across its Road Portfolio, comprising wholly-owned concessions, 51% ownership in the Private InvIT and 16% ownership in Public InvIT have crossed 9,000 crore mark," said Virendra D. Mhaiskar, chairman and managing director, IRB Infra.

IRB Infrastructure Trust, the Private InvIT, sponsored by IRB Infrastructure Developers Ltd and the GIC Affiliates, Singapore-based Sovereign Fund, completed the fundraising of 381.63 crores by way of rights issue. While the sponsors IRB Infra invested 194.63 crores; the GIC Affiliates invested 187 crores.

The GIC Affiliates had invested approx 3,750 crores in February 2020, as the first tranche towards its investment in the IRB Infrastructure Trust which was subsequently followed by the second tranche of 510 crores raised in November 2020 by way of rights issue.

"All projects under the Private InvIT are revenue-generating, including three projects, which are under Tolling and Construction. The funds raised will be utilized towards equity requirement for under-construction projects," the company said.

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