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IRB Infrastructure Developers may raise up to $244M

IRB Infrastructure Developers Ltd's board has given approval for issue of securities to raise as much as Rs 1,500 crore (approximately $244 million), as per a stock market disclosure.

The company, however, did not give the time frame and purpose of the fundraising.

The proposed fundraising is subject to the approval of the shareholders of the company and all the requisite approvals from regulatory authorities and in accordance with the provisions of the applicable laws, the disclosure said.

Mumbai-based IRB Infrastructure Developers Ltd is engaged in construction and infrastructure development. The company is into various engineering and construction projects including roads, highways, tunnels and bridges. It undertakes development activities through several special purpose vehicles.

Public listed IRB's order book currently stands at around Rs 11,600 crore of which Rs 9,650 crore worth orders are to be executed in three to four years, the company said in the statement.

Meanwhile, the company announced its financial results and reported a 14 per cent increase in consolidated net profit at Rs 121.73 crore for the quarter ended September 2014.

The shares of the company closed at Rs 254.70 each, down 1.51 per cent on BSE on Wednesday. The markets were closed for trading on Thursday.

(Edited by Joby Puthuparampil Johnson)

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