IRB Infra jumps over 3% as it looks to raise Rs 4300 cr through InvIT

NEW DELHI: Shares of IRB Infrastructure Developers jumped over 3 per cent in Monday’s trade after the company said one of its subsidiaries has filed an offer document with regulator Sebi to raise more than Rs 4,300 crore through an InvIT.

In a filing to BSE, the company said, “The initial public offer consists of a fresh issue of units, aggregating to Rs 4,300 crore, by the Trust, and an offer for sale of units by the company and certain of its subsidiaries, namely Modern Road Makers Private Limited, Aryan Toll Road Private Limited, ATR Infrastructure Private Limited and Ideal Road Builders Private Limited (the offer for sale, and together with the fresh issue)”

Following the announcement, the stock jumped 3.41 per cent to hit a high of Rs 254.40 on BSE.

InvIT is a vehicle under Sebi regulations through which infrastructure companies raise funds. IRB Infrastructure Developers sponsors the IRB InvIT Fund.

IRB Infrastructure Private Limited filed the offer document on Thursday and the same was conveyed to exchanges on Friday post market hours.