IRB Infra to raise Rs.2500 Crore to meet its Capex requirements, General Corporate expenses

Mumbai: Leading Indian Highway Infrastructure Developer IRB Infrastructure Developers Ltd. on Sunday announced that it’ll raise Rs.2500 crore to meet its CAPEX requirements, cash-flow mismatches and for general corporate purposes.

The Company’s Board has approved fundraising through appropriate instruments, permitted under the applicable statute, in one or more tranches/series to the eligible investors, who are allowed to invest in or subscribe to such instruments. The Management Administration and Share Transfer Committee (MAS Committee) of Board is authorized to take all necessary actions in this regard.

“The Board of Directors of IRB Infrastructure Developers Ltd., India’s one of the largest Highways Infrastructure Developers, today approved fundraising of up to Rs.2,500 Crores to meet ongoing and planned CAPEX requirements and cash flow mismatches of the Company as well as for the general corporate purposes,” the company said in a regulatory filing.

“We plan to use these funds to meet payments to creditors, firmed up project expenses as well as the general corporate purposes, during the ongoing lockdown situation due to COVID-19.” He further added, “In view of Company’s track record of more than last 20 years, in-house capabilities, rich domain expertise and experience, we do not see any difficulty in raising money”  Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said.

Recently the company had closed the largest deal of around Rs.4,400 Crores with GIC Affiliates, Singapore towards investment in Company’s 9 BOT assets under Private InvIT structure. It also Bagged Rs.8,200 Crores prestigious Mumbai Pune Expressway project under TOT and commissioned Goa–Kundapura BOT project.