- IRB Infra is one of India’s largest highways infrastructure developers
- Funds will be utilized for Capex requirements and cash flow mismatches
The Board of Directors of IRB Infrastructure Developers Ltd., India’s one of the largest Highways Infrastructure Developers, has approved fund raising of up to ₹2,500 Crores to meet ongoing and planned capex requirements and cash flow mismatches of the Company as well as for the general corporate purposes, in wake of COVID-19 arising from the lockdown impact.
While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said,
“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 the Company’s track record of more than 20 years, in-house capabilities, rich domain expertise and experience, we do not see any difficulty in raising money.”
The Company’s Board has approved fund raising through appropriate instruments, permitted under the applicable statute, in one or more tranches/series to the eligible investors, who are allowed to invest in or subscribe to such instruments.
IRB Infrastructure Developers Ltd (IRB) is one of the largest private roads and highways infrastructure developers in India having a strong track record of constructing over 12,600 lane Kms in 2 decades.