IRB Infrastructure Developers Eyes USD 200 Million Foreign Investment

IRB Infrastructure Developers has announced plans to raise up to USD 200 million through foreign currency-denominated notes, as approved by its board. The funds aim to fulfill financial obligations, secure debt securities, and potentially enter into hedging contracts. They reported a 19% rise in toll revenue for September.

IRB Infrastructure Developers has revealed its strategy to raise up to USD 200 million by issuing foreign currency-denominated notes, including US dollar-denominated bonds or other debt securities. The proposal received the board's approval on Wednesday.

In a regulatory filing, the company outlined its plans to acquire term loans from various financial institutions to meet its financial needs. Additionally, the board aims to create security measures for the debt securities and potentially engage in hedging contracts, adhering to guidelines set by the Reserve Bank of India.

The board's decision coincides with the company's announcement of a 19% year-on-year increase in toll revenue, totaling Rs 502 crore in September, compared to Rs 421 crore during the same period last year.

(With inputs from agencies.)