New Delhi: Mumbai-based IRB Infrastructure Developers Ltd plans to raise up to Rs 2,500 crore through debt securities and other instruments.
The company’s board, in its meeting held today, approved the money raising plans by way of “issue of non-convertible debentures or other debt securities/ instruments, for an aggregate amount of up to Rs 2,500 crore,” the company said in a regulatory filing.
The money would be raised to meet current and planned capital expenditure requirements and cash flow mismatches of the company. The money will also be utlilised for general corporate purposes with the corona pandemic impact, the company said in a statement.
“We plan to use these funds to meet payments to creditors, firmed up project expenses as well as the general corporate purposes, during the ongoing lockdown situation due to COVID-19. In view of Company’s track record of more than last 20 years, in-house capabilities, rich domain expertise and experience, we do not see any difficulty in raising money,” said Virendra D. Mhaiskar, CMD rector, IRB Infrastructure Developers Ltd. said,
IRB recently closed a deal of Rs 4,400 crore with GIC Affiliates of Singapore towards investment in company’s nine BOT assets under Private InvIT structure. It has also secured order for Rs 8,200 crore Mumbai-Pune Expressway project under TOT.