The Board of Directors of IRB Infrastructure Developers has approved fund raising of up to Rs 2,500 crore to meet the ongoing and planned capex requirements.
The fund raised will also help to manage cash flow mismatches of the company as well as for general corporate purposes, in wake of COVID-19 arising from the lockdown impact. The company plans to use these funds to meet payments to creditors and firm up project expenses.
The company’s Board approved fund raising through appropriate instruments, permitted under the applicable statute, in one or more tranches/series to 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 authorised to take all necessary actions in this regard. IRB Infrastructure Developers had recently closed the largest deal of around Rs 4,400 crore with GIC Affiliates, Singapore, towards investment in the company’s nine BOT assets under Private InvIT structure. It had also bagged Rs 8,200 crore prestigious Mumbai-Pune Expressway project under TOT.
The company also commissioned Goa-Kundapura BOT project, thus making all projects revenue generating. It also resumed toll operations and construction activities across India in line with guidelines by the National Highways Authority of India (NHAI) on COVID-19.