IVRCL Assets and Holdings may sell up to 49% stake in three of its road projects to garner funds for future projects and raise 600 crore through qualified institutional placement (QIP) of shares by March. At the parent level, the company plans to raise funds through qualified institutional placement and sale of land. Simultaneously, it is also looking at selling stake in its special purpose vehicles (SPVs) so as to have sufficient funds for future projects..
IVRCL Assets and Holdings, a subsidiary of the IVRCL Infrastructures & Projects, is an infrastructure developer with a presence in roadways, oil and gas, power, ports and desalination projects. The company, a part of the IVRCL group, has an enabling resolution to raise a total of 1,000 crore through QIP. It has, so far, raised 150 crore by placing 1.2 crore shares with Ascent India Fund. The company also plans to part sell its land bank of 3,000 acres to raise 100 crore by March and a total of 300-500 crore over the next three year.