IVRCL to raise $125 mn

Hyderabad-based IVRCL Infrastructures and Projects Limited has informed the stock exchanges that its board of directors has resolved to raise funds to the extent of $125 million (approximately Rs 575 crore).

The company plans to raise this amount via global depository receipts or through qualified institutional placement.

An extraordinary general meeting of the company will be held on August 3, 2006, where approval of the members will be sought.

E Sudhir Reddy, vice-chairman and managing director of IVRCL, told Business Standard, "This is just an enabling resolution. We will raise this amount as and when we get a build-operate-transfer (BOT) project."

IVRCL is involved in works worth Rs 7,000 crore. The company had recently bagged an order valued at Rs 557.8 crore from the irrigation and command area development department of the Andhra Pradesh government.