IRB Infra gains on raising Rs 200 cr via NCDs

IRB Infrastructure Developers rose 1.35% to Rs 120.25 after the company said it has raised Rs 200 crore through allotment of non-convertible debentures (NCDs) on a private placement basis.

The management administration and share transfer committee of the board of directors of the company at their meeting held 17 July 2020 allotted 9.55% secured, redeemable, listed, rated non-convertible debentures of face value of Rs. 10 lakh each, for cash at par, aggregating to Rs 200 crore on a private placement basis to an eligible investor, the company said in a statement after market hours yesterday, 17 July 2020.

Further, the board also approved change in key managerial personnel. As per the change, Rushabh R. Gandhi will replace Anil D. Yadav as chief financial officer of the company. Yadav has been designated as the group chief financial officer due to reassignment of his responsibilities in the group.

IRB Infrastructure Developers' consolidated net profit dropped 25.8% to Rs 154.32 crore on 18.7% fall in net sales to Rs 1,584.45 crore in Q4 March 2020 over Q4 March 2019.

IRB Infrastructure Developers (IRB) is a private roads and highways infrastructure developer in India.

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