IRB Infrastructure to raise Rs 5,347 cr from GIC, Spain’s Cintra
Cintra Global, an arm of Spanish infrastructure firm Ferrovial, and Bricklayers Investment Pte, an affiliate of GIC, will pick up around 42% stake in IRB Infrastructure at a total equity investment of up to Rs 5,347 crore. The proceeds of will help IRB Infra to achieve the twin objectives of deleveraging and access to growth capital.
Post their investment, Cintra Global will have a maximum of 24.9% stake for its investment of up to Rs 3,180 crore, while GIC will invest up to Rs 2,167 crore for a maximum of 16.9% stake. Shares will be allotted to the two through the preferential route at Rs 211.79 apeice.
Post the completion of the transactions, promoters will have 34% stake in the company from 58.46% as on September-end.
IRB Infra reported Rs 42-crore net profit on Tuesday for the July-September quarter of the current fiscal, compared with a loss of Rs 20 crore in the same period last fiscal.
Total income during the quarter under review increased to Rs 1,504 crore from Rs 1,169 crore in the year-ago period.
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