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IRB Infrastructure Developers’ board of directors approved the decision during its meeting on Wednesday
IRB Infrastructure Developers Limited (IRB Infra) will raise debt of up to $200 million “by way of issuance and allotment of foreign currency denominated notes, including USD-denominated bonds or other debt securities,” according to the company’s stock exchange filing.
The company stated it seeks to avail any term loans from financial institutions “to meet its financial requirements and to create such security as may be deemed necessary by the board to secure such debt securities, and to enter into hedging contracts, when required, as permitted by the Reserve Bank of India (RBI) in relation to the borrowings.”
The company’s board of directors approved the decision during its meeting on Wednesday.
The debt securities may be secured or unsecured, rated or unrated, and unlisted or listed on any stock exchanges in India or any international stock exchange outside India.
The amount may be raised either by public issue or by private placement, on a preferential allotment basis, in one or more tranches or series “to eligible investors, including non-resident qualified institutional buyers, financial institutions, banks, non-banking financial companies, incorporated bodies, mutual funds, individuals, trustees, etc., including other permitted eligible entities as may be allowed under applicable law.”
The board also authorised the “Management Administration and Share Transfer Committee (MAS Committee) of the board to take all necessary steps in connection with the raising of debt, including any matters and actions incidental and ancillary to such fundraising.”
Earlier, the company reported consolidated income of Rs 1,972 crore and a net profit of Rs 140 crore in the first quarter of the financial year 2025 (Q1 FY25).
First Published: Oct 09 2024 | 2:58 PM IST
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