Reliance Power board meet on June 13 to consider fund raising
The Board approved seeking approval of the members of the Company for the above proposal through Postal Ballot.
IRB Infrastructure Developers on Wednesday announced that it plans to raise up to Rs 2,220 crore via 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,” the company said in a regulatory filing.
IRB Infrastructure Developers added, “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.”
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Shares of IRB Infrastructure Developers were trading 0.63 per cent higher at Rs 111.35 apiece on BSE.
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In the past six months, IRB’s stock has slipped 8.68% while the S&P BSE Sensex has added 36 per cent during the same period.
On the quarterly front, the company in early January posted 56 per cent decline in its consolidated net profit to Rs 69.48 crore for the quarter ended December 31, 2020.
Its total income during October-December 2020 fell to Rs 1,594.80 crore, from Rs 1,790.17 crore in the year-ago period.
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