Indian highway construction conglomerate, IRB Infrastructure Developers Ltd. has recently approved plans to raise funds of up to Rs 2,500 crore for targeting planned and ongoing Capex as well as for general corporate purposes, essentially during the current COVID-19 pandemic.
According to a statement, Virendra D Mhaiskar, Chairman & MD, IRB Infrastructure, said that their firm is planning to use these funds to offer payments to creditors, for general corporate purposes as well as firmed up project expenses.
With a track record of over 20 years, rich domain of expertise and experience and in-house capabilities, IRB Infrastructure does not see any challenges in raising these funds, said Mhaiskar.
Sources cite that the firm’s board approved this fundraiser through appropriate instruments, allowed under the applicable statute, in one or more series/tranches to eligible investors that are allowed to invest in or subscribe to such instruments.
IRB claims that the MAS (Management Administration and Share Transfer) Committee of the board is authorized to take necessary actions in this regard.
Reliable reports claim that IRB Infrastructure had recently finalized a Rs 4,400 crore deal with GIC Affiliates, Singapore for investment in its nine build, operate, transfer (BOT) assets under private Infrastructure Investment Trust structure.
The company also bagged Rs 8,200-crore Mumbai-Pune Expressway project under toll, operate and transfer (TOT) and supported Goa–Kundapura BOT project, making all revenue generating projects, besides resuming construction activities and toll operations across India in line with the guidelines by NHAI on COVID-19.
About IRB Infrastructure:
It is one of India’s largest private roads & highways infrastructure developers that has a track record of constructing more than 12,600 lane km in over 20 years. The company has commenced projects pan-India with a capability to develop over 500 km a year.