IRB Infra completes Rs 381.63-cr fundraise in IRB Infrastructure Trust via rights issue

Highways infrastructure major IRB Infrastructure Developers Ltd has completed total fundraising of Rs 381.63 crore, with Rs 194.63 crore investment in its sponsored IRB Infrastructure Trust. The trust is a private InvIT jointly launched by the company and Singapore-based GIC affiliates, with 51 per cent and 49 per cent holding in it, respectively.

IRB Infra chairman and MD Virendra D Mhaiskar said, "With this investment, the company's aggregate equity investments across its road portfolio, comprising wholly-owned concessions, 51 per cent ownership in the private InvIT and 16 per cent ownership in public InvIT, have crossed Rs 9,000 crore mark."

IRB Infrastructure Trust completed the fundraising of Rs 381.63 crore by way of the rights issue. While the sponsor IRB Infra invested Rs 194.63 crore, GIC Affiliates invested Rs 187 crore.

GIC Affiliates had invested Rs 3,750 crore in February 2020 as first tranche towards its investment in IRB Infrastructure Trust. It was followed by the second tranche of Rs 510 crore, 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.

The company said the funds raised will be utilised towards equity requirements for under-construction projects.

IRB Infrastructure Developers (IRB) is India's largest integrated private toll roads and highways infrastructure developer, with an asset base of over Rs 54,000 crore in 10 states across the parent company and two InvITs.