IRB InvIT Fund Raises Rs 2,351 Crore Through Preferential Allotment

New Delhi: IRB InvIT Fund has completed a fundraise of Rs 2,351 crore through institutional placement and preferential allotment of units, its sponsor IRB Infrastructure Developers Ltd said on Tuesday.

The company said in a statement that this is the second fund-raise activity by IRB InvIT Fund since its launch and listingin 2017. The first was last year, when IRB InvIT raised Rs 4,253 crore to acquire three highway assets at an enterprise value of Rs 8,643 crore from IRB Infrastructure Trust.

Further, to maintain its (approx.) 16 per cent stake in IRB InvIT Fund, IRB Infrastructure Developers has invested Rs 351 crore through preferential allotment of units of IRB InvIT Fund.

The statement said the fundraise saw strong, broad-based participation from both domestic and international investors.

Commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director of the Company, said, “The capital unlocked through this transaction will empower IRB Infrastructure Trust (Private InvIT) to pursue new growth opportunities efficiently to fund projects in the next phase of expansion.”

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