IRB Infrastructure NSE -9.99 % Developers (IRB) will raise Rs 5,347 crore through preferential allotment of shares to a subsidiary to Spanish infrastructure company Ferrovial S.A and an affiliate of Singapore’s sovereign wealth fund GIC, the Mumbai-headquartered company said on Tuesday.
The transaction, among the largest equity fund raising by a listed infrastructure company, will help IRB deleverage its balance sheet and have access to new growth capital to participate in new projects and the government’s ambitious asset monetization plan, said Founder and Chairman Virendra Mhaiskar told ET.
“In the last few years, we have acquired large assets and now we have great visibility of opportunity as the government has announced the monetization plan and the model concession agreement.
