IRB Infra to prepay loans from Rs 3,800-crore InvIT play by GIC
IRB Infrastructure Developers would prepay bank loans after its private infrastructure investment trust (InvIT) received about Rs 3,800 crore from Singaporebased GICNSE -1.18 %, a sovereign fund, said two people with direct knowledge of the matter.
This would help the company reduce interest outgo by Rs 300-350 crore, sources told ET. It will use Rs 3,000 crore out of the total proceeds to prepay loans. The balance Rs 753 crore would be used to fund construction projects.
A spokesperson at IRB confirmed the financing deal, replying to ET’s mailed query.
