IRB Infra sponsored IRB InvIT Fund raises of Rs 3,248.43 cr

New Delhi, Oct 15 (PTI) IRB InvIT Fund, sponsored by IRB Infrastructure Developers Ltd, has raised Rs 3,248.43 crore through institutional placement of units, a statement said on Wednesday.

IRB Infrastructure Developers said this is the first fund-raise activity by the company-sponsored IRB InvIT Fund since its launch and listing way back in 2017, which witnessed strong and broad-based participation.

Post allotment of the institutional placement, investors holding more than 5 per cent of the units, excluding the sponsor, are Anahera Investment Pte. Ltd., Kotak Mahindra Bank Limited, and CIM Investment Fund ICAV, the statement added.

IRB Infrastructure Developers said the company will use proceeds to partly fund the acquisition of three BOT highway assets, Viz., Hapur - Moradabad, Kaithal - Rajasthan Border, and Kishangarh – Gulabpura from the IRB Infrastructure Trust In addition, it said the company sponsored IRB Infrastructure Trust (Private InvIT) is expected to receive approximately Rs 4,905 crore as equity consideration upon completion of the transaction.

This infusion will enable the Private InvIT to pursue new highway projects worth over Rs 15,000 crore, further strengthening the Group’s development pipeline and growth prospects, the statement added.

IRB Infrastructure Developers is a Sponsor and Project Manager of the IRB InvIT Fund and holds approx 16 per cent stake in the IRB InvIT Fund.

Virendra D. Mhaiskar, Chairman & Managing Director of the company, said, "With this fund raise, the InvIT is now well positioned to enhance its portfolio, strengthen distributions, and create sustained value for unitholders." PTI BKS BKS MR