IRB InvIT Fund Raises Rs. 2,351 Crore Through QIP, Preferential Allotment
Mumbai, Sept 29 (TNT): IRB InvIT Fund, sponsored by IRB Infrastructure Developers Ltd, on Tuesday said it has raised Rs. 2,351 crore through a qualified institutional placement (QIP) and preferential allotment of units.
The fundraise comprises Rs. 2,000 crore through QIP and Rs. 351 crore through preferential allotment, with IRB Infrastructure Developers investing in the latter to maintain its approximately 16 per cent stake in the InvIT, the company said in a release.
The proceeds will partly fund the acquisition of two build-operate-transfer (BOT) highway assets — Solapur-Yedeshi on NH-211 and Chittorgarh-Gulabpura on NH-79 — from IRB Infrastructure Trust, the group’s private InvIT.
Upon completion of the transaction, IRB Infrastructure Trust is expected to receive approximately Rs. 2,744 crore as equity consideration for the sale of the highway assets.
The proceeds are expected to support the private InvIT’s future highway projects.
IRB Infrastructure Developers Chairman and Managing Director Virendra D. Mhaiskar said the fundraise reflected investor confidence in India’s infrastructure growth and the InvIT platform as a vehicle for long-term infrastructure investment.
He said the transaction was part of the group’s B.E.S.T. strategy, focused on portfolio growth through strategic asset monetisation.
This is the second fundraise by IRB InvIT Fund since its launch and listing in 2017.
Last year, the fund raised Rs. 4,253 crore to acquire three highway assets with an enterprise value of Rs. 8,643 crore from IRB Infrastructure Trust.
The latest fundraise attracted domestic and international investors, including pension funds, insurance companies, mutual funds and family offices.
IRB Group currently has 27 revenue-generating highway assets across 13 states, with a portfolio valued at approximately Rs. 94,000 crore.
The group aims to expand its asset base to approximately Rs. 1.4 lakh crore by FY2029 through asset monetisation and reinvestment in new opportunities.
TNT KS
