IRB Infrastructure Developers’ special purpose vehicle -- Udaipur Tollway has raised Rs 700 crore through issuance of redeemable non-convertible debentures (NCDs) on a private placement basis. The NCDs proceeds from refinancing would be utilised for part takeout financing of the existing project loans obtained and provide significant saving of over Rs 100 million annually at revised interest cost of nearly 8.9 per cent.
Earlier, the company had re-financed its two SPVs under the private InvIT arm (through private placement of listed NCDs), viz Solapur Yedeshi Tollway and Yedeshi Aurangabad Tollway.
IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.
