IRB Infrastructure Developers' SPV raises Rs 700 crore.
BSE & NSE listed (BSE 532947, NSE IRB) IRB Infrastructure Developers Ltd. first Multinational Infrastructure player in Highways segment, has announced that its subsidiary raised Rs 700..
Mumbai, Jan 2, 2023: BSE & NSE listed (BSE 532947, NSE IRB) IRB Infrastructure Developers Ltd. first Multinational Infrastructure player in Highways segment, has announced that its subsidiary raised Rs 700 crore via allotment of redeemable non-convertible debentures (NCDs). Udaipur Tollway Limited (UTL), the Special Purpose Vehicle of IRB Infrastructure Developers has allotted unlisted, rated, redeemable non-convertible debentures aggregating to Rs 700 crore on a private placement basis to eligible investors, the company said in a regulatory filing. "The proceeds from the NCDs from refinancing would be utilized for part takeout financing of the Existing Project Loans obtained and provide significant savings of over Rs 10 crore annually at revised interest cost of about 8.9 per cent," the filing added
Also, company's board will meet on 4 January, 2023, to consider proposal for alteration in the share capital of the company by sub-division/split of existing equity shares having face value of Rs 10 per share.
Recently, IRB Infrastructure Developers Ltd.and its Private InvIT Arm, IRB Infrastructure Trust, both have collectively reported 39% increase in the Toll Collection in the month of November 2022 on Year on Year basis.
IRB Infrastructure Developers Ltd, as the largest integrated private toll roads and highways infrastructure developer in India, has an asset base of over Rs.60,000 Crs. in 10 States across the parent company and two InvITs. The Company has strong track record of constructing, tolling, operating and maintaining around 15,500 lane Kms,pan India and has an ability to construct over 500 Kms in a year. It has approx. 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India. After successfully completing 13 Concessions and handing over them to the nodal agencies, at present, IRB Group’s project portfolio (including Private and Public InvIT) has 22 road projects that include 17 BOT, 1 TOT and 4 HAM projects.