IRB Infra's board approves fund raising of up to Rs 2,500 cr

IRB Infrastructure on Sunday said its board has approved raising up to Rs 2,500 crore to fund ongoing and planned capex and for general corporate purposes in the wake of lockdown due to COVID-19 pandemic.

The infrastructure company said that the funds will be raised through appropriate instruments in one or more tranches.

The Board of Directors of IRB Infrastructure Developers Ltd today approved fund raising of up to Rs 2,500 crore to meet ongoing and planned capex requirements and cash flow mismatches of the company as well as for general corporate purposes in wake of COVID-19, the company said in a statement.

IRB Infrastructure Developers Ltd Chairman & Managing Director Virendra D Mhaiskar 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 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."