New Delhi: On Tuesday, IRB Infrastructure Developers said they are planning to raise Rs 750 crore via allotment of non-convertible debentures on a private placement basis to Anahera Investment Pte Ltd.
IRB is planning to raise Rs 750 crore in form of debt next month. IRB infrastructure will raise money from a consortium of three financials led by IDFC.
The amount would be used to finance the K’taka road project – Tumkur-Chitradurga road in Karnataka, India. The company road construction order book has grown to Rs 12000-14000 crore by March from Rs 10,000 cr0re.
What was the outcome of the Board Meeting?
In a BSE filing, the company stated, “In the meeting of share transfer committee and between the board of the directors of the IRB Infrastructure Developers which held on June 16 has approved the method for raising of Rs 750 crores via allotment of redeemable, unlisted, secured, unrated, non-convertible debentures to Anahera Investment Pte Ltd on a private placement basis.
“IRB has successfully filled the debenture trust deed and submitted all standard security-related documents,” the filing said. “The instruments tenure period would be 3 years and 10 days,” the company said.
What Was The Performance of IRB Infrastructure in Stock Market?
The company shares on the next day after the statement i.e., on Wednesday, closed at Rs 66.70 on NSE, up by 0.60 per cent against the previous close.