IRB Infrastructure Developers on Wednesday said it will raise up to Rs 2,220 crore through issuance of non-convertible debentures. ”The company has entered into a definitive agreement with India Toll Roads – Foreign Portfolio Investor, for raising of funds by issuance of non-convertible debentures up to Rs 2,220 crore subject to satisfactory completion of procedural conditions,”IRB Infrastructure Developers said in a regulatory filing.

IRB Infrastructure Developers said the proceeds would be utilised for repayment of existing loans up to Rs 1,600 crore and balance for meeting capex requirements and general corporate purposes.

Shares of IRB Infrastructure Developers were trading 0.50 percent higher at Rs 111.20 apiece on BSE.