IRB Infra announces receipt of first tranche of Rs 3,753 cr from GIC

IRB Infrastructure Developers on Tuesday said its private infrastructure investment trust (InvIT) received the first tranche of investments from Singapore’s GIC, worth Rs 3,753 crore.

“IRB announces receipt of the first tranche of investment of Rs 3,753 crore from GIC affiliates out of its commitment of Rs 4,400 crore by IRB Infrastructure Trust,” the company said in a statement.

The remainder Rs 650 crore, the company said, will be invested in projects under construction. GIC will make these investments in lieu of units in a private InvIT that IRB Infrastructure has floated.

The allotment of units, the company said, will happen by February 27. “After the allotment of units, IRB will hold 51 per cent and GIC affiliates will hold 49 per cent stake in the private InvIT,” said IRB’s media statement.