IRB Infrastructure To Raise Over Rs 4,500 Crore Via Foreign Currency Bonds
The issuance of foreign currency denominated notes would either be through public issue or private placement on a preferential basis.
The management administration and share transfer committee of IRB Infrastructure Developers Ltd. on Thursday approved raising Rs 4,556.2 crore, or about $550 million, through foreign currency-denominated notes.
The foreign currency-denominated notes include secured or unsecured, rated or unrated USD debt securities listed on any stock exchange in India or any international stock exchange, it said in its exchange filing on Thursday.
The issuance of foreign currency-denominated notes would either be through a public issue or private placement on a preferential basis and would happen in one or more tranches to eligible investors.
The issuance of the bonds will be subject to "the completion of procedural conditions, including the issuance of any offering circulars."
Earlier this month, Fitch Ratings Inc. affirmed the long-term issuer default rating on IRB Infrastructure Developers Ltd. at 'BB+', with a 'stable' outlook. It also affirmed the U.S. dollar senior secured notes at 'BB' with a 'stable' outlook.
Shares of IRB Infrastructure closed 2.29% up on Thursday, as compared with a 0.74% advance in the Nifty 50.
