Highways developer IRB Infrastructure on Sunday said that its board has approved fund raising of up to ₹2,500 crore.
The fund-raising is aimed at providing interim support for restarted operations and working capital requirement, in view of likely delays in compensations from authorities as a result of the Covid-19 outbreak. The board has approved fund-raising through appropriate instruments, permitted under the applicable statute, in one or more tranches to the eligible investors, it said.
Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers, said: “We plan to use these funds to meet payments to creditors, firmed up project expenses as well as the general corporate purposes, during the ongoing lockdown situation due to Covid-19.
