IRB Infrastructure Developers on Thursday said its special purpose vehicle — Udaipur Tollway Limited — has raised Rs 700 crore through issuance of redeemable non-convertible debentures on a private placement basis.

Share Market Live

NSE

According to a statement, the Special Purpose Vehicle (SPV) will use proceeds to refinance the existing project debts.

"The NCD (Non-Convertible Debenture) 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," it said in a statement.

Earlier in the quarter, it had re-financed its two SPVs under the private InvIT arm (through private placement of listed NCDs), viz Solapur Yedeshi Tollway Limited and Yedeshi Aurangabad Tollway Limited, it added.

It involved fixing rates for at least 5 years at optimised cost and amortisation. IRB Infrastructure is an infrastructure player in the highways segment.

Also Read: IL&FS completes transfer of two road SPVs to InvIT at enterprise value of Rs 979 crore

(Edited by : Anushka Sharma)