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Infrastructure Today Magazine | IRB Infra Board Approves Fund Raising of up to Rs 25 Billion
IRB Infra Board Approves Fund Raising of up to Rs 25 Billion
Apr 27, 2020
The board of directors of IRB Infrastructure Developers Ltd., one of India’s leading developers of roads & highways, has approved fund raising of up to Rs 25 billion. The money will be utilised to service the company’s ongoing and planned Capex requirements, cash flow mismatches and general corporate purposes, in wake of the situation arising out of the current nationwide lockdown for the containment of COVID-19.
While commenting on the development,
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.”
He further added, “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 on Sunday approved fund raising through appropriate instruments permitted under the applicable statute, in one or more tranches or series to investors who are permitted to invest in or subscribe to such instruments.
The Management Administration and Share Transfer Committee of the board is authorised to take all necessary action in this regard.
IRB Infrastructure Developers Ltd
Roads & Highways
Virendra D Mhaiskar
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