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IRB Infra completes INR 381.63 Crores Fund Raise in IRB Infrastructure Trust, the Private InvIT, by way of Rights Issue

Posted On: 2021-07-27 11:13:39 (Time Zone: UTC)

IRB Infrastructure Developers Ltd., one of the leading highways infrastructure developers in India, has completed total fund raise of INR 381.63 Crores with an investment of INR 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.

Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infra said, "We are very happy to announce our investment in the Trust on the 23rd Foundation Day of IRB Infra, which has relentlessly worked for India's highways infrastructure development sector over all these years and delivered world class highways infrastructure across all geographical terrains of the Nation. We express our continued commitment towards the same in years to come." He further added, "With this investment of INR 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 INR 9,000 Crores mark."

IRB Infrastructure Trust, the Private InvIT, sponsored by IRB Infrastructure Developers Ltd. and the GIC Affiliates, Singapore based Sovereign Fund, completed the fund raising of INR 381.63 Crores by way of Rights Issue. While, the Sponsors IRB Infra invested INR 194.63 Crores; the GIC Affiliates invested INR 187 Crores.

To re-iterate, the GIC Affiliates had invested approx. INR 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 INR 510 Crores raised in November 2020 by way of Rights Issues with the respective holding of 51:49 for Sponsor IRB Infrastructure Developers Ltd. and GIC Affiliates.

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.

Shares of IRB INFRASTRUCTURE DEVELOPERS LTD. was last trading in BSE at Rs. 165.7 as compared to the previous close of Rs. 163.05. The total number of shares traded during the day was 137879 in over 1570 trades.

The stock hit an intraday high of Rs. 170.1 and intraday low of 161.35. The net turnover during the day was Rs. 22914495.

Source: Equity Bulls

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