IRB InvIT Fund has completed a fund raise of Rs. 23.51 bn through a qualified institutional placement and a preferential allotment of units. The transaction brings together two forms of institutional funding and marks the completion of the InvIT’s latest capital-raising exercise.

The qualified institutional placement contributed Rs. 20 bn to the total amount raised. A further Rs. 3.51 bn was mobilised through the preferential allotment of units, taking the aggregate fund raise to Rs. 23.51 bn. The two components were disclosed as part of the overall transaction completed by IRB InvIT Fund.

The fund raise received participation from domestic and international investors. The participating investor base included pension funds, insurance companies, mutual funds and family offices, indicating involvement from a broad group of institutional and long-term investors.

IRB Infrastructure Developers, the sponsor of IRB InvIT Fund, also invested Rs. 3.51 bn through the preferential issue of units. The investment is intended to help the sponsor maintain an approximately 16 per cent stake in IRB InvIT Fund. The sponsor’s participation formed the entire preferential allotment component of the transaction, while the qualified institutional placement accounted for the balance of the funds raised.

The completed fund raise consequently comprised Rs. 20 bn from the qualified institutional placement and Rs. 3.51 bn from the preferential allotment. Together, these transactions increased the total capital mobilised by IRB InvIT Fund to Rs. 23.51 bn and included participation from both the sponsor and a range of domestic and overseas institutional investors.