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IRB Infrastructure Developers receives first tranche worth Rs 3753 cr

The balance commitment will be invested on the progress of construction of the under-construction projects

IRB Infrastructure Developers, First tranche of investment, GIC affiliates, IRB Infrastructure Trust, Private InvIT, Roads and highways sector, BOT assets, Bajaj Consultants, Financial advisor, S&R Associates, Legal advisor, Nishith Desai Associates

IRB Infrastructure Developers has announced receipt of the first tranche of investment worth Rs 3,753 crore from GIC affiliates out of its commitment of Rs 4,400 crore by IRB Infrastructure Trust.

The balance commitment will be invested on the progress of construction of the under-construction projects.

The allotment of units to the investors will happen by 27 February 2020. Post the allotment of units, the company will hold 51% and GIC affiliates will hold 49% stake in the Private InvIT.

This is the largest transaction in the roads and highways sector in the country. The net revenue of the portfolio was Rs 630 crore in FY 2019.

Upon completion of construction of nine BOT assets, the enterprise value of the Private InvIT will be  Rs 22,500 crore.

Bajaj Consultants acted as the exclusive financial advisor to IRB Infrastructure Developers for the transaction and S&R Associates acted as the legal advisor to IRB Infrastructure Developers and Nishith Desai Associates acted as the legal advisor to GIC affiliates.

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