IRB Infra to raise Rs 2,167 cr from GIC and Rs 3,180 cr from Cintra

28 Oct 2021 CW Team

As per the agreement details, Cintra would invest equity capital of up to Rs 3,180 crore and would have a maximum stake of 24.9% in IRB post their investment. On the other hand, GIC (through its affiliate) would invest equity capital of around Rs 2,167 crore into IRB for a maximum stake of up to 16.9% in IRB after their investment.

The total investment proceeds to IRB from these investments will be a maximum of Rs 5,347 crore, making it the largest equity fundraising by a registered road and highway company. The issue value for both the preferential allotments is Rs 211.79 per share.

Virendra D. Mhaiskar, the founder promoter of IRB, will continue as the promoter and single largest shareholder after completion of the transactions with an estimated 34.0% stake and will hold on to the management control of IRB.

The two transactions are subject to the implementation of definitive documents, lenders approvals, receipt of regulatory approval, IRB shareholders’ approval and satisfaction of customary conditions.

The indicative usage of returns from the twin investments would be Rs 3,250 crore for deleveraging the Corporate Level Debt, Rs 1,497 crore for growth capital for current and future opportunities and Rs 600 crore for General Corporate Purposes.

In the eventuality that IRB is not able to issue shares to both investors concurrently (due to the timing of receipt of regulatory approvals of either investor being longer than the regulatory permissions for the other investor), the total investment would get decreased to Rs 4,307 crore to Rs 4,462 crore. The exact quantum will rely on which investor transaction is concluded earlier. Avener Capital Private Limited served as the exclusive financial advisor to IRB for the deal.

Virendra Mhaiskar, CMD – IRB Infrastructure Developers Ltd., told the media that through this investment, IRB would significantly benefit in terms of their global experience and best practices in the development, investment, and work of toll road projects.

Image Source

Also read: IRB Infra completes total fund raise of Rs 381.63 Crores

On October 26, IRB Infrastructure Developers Limited announced that it has struck two individual equity fundraises via preferential allotments to Cintra, an arm of Spanish infrastructure major Ferrovial and Singapore’s GIC. As per the agreement details, Cintra would invest equity capital of up to Rs 3,180 crore and would have a maximum stake of 24.9% in IRB post their investment. On the other hand, GIC (through its affiliate) would invest equity capital of around Rs 2,167 crore into IRB for a maximum stake of up to 16.9% in IRB after their investment. The total investment proceeds to IRB from these investments will be a maximum of Rs 5,347 crore, making it the largest equity fundraising by a registered road and highway company. The issue value for both the preferential allotments is Rs 211.79 per share. Virendra D. Mhaiskar, the founder promoter of IRB, will continue as the promoter and single largest shareholder after completion of the transactions with an estimated 34.0% stake and will hold on to the management control of IRB. The two transactions are subject to the implementation of definitive documents, lenders approvals, receipt of regulatory approval, IRB shareholders’ approval and satisfaction of customary conditions. The indicative usage of returns from the twin investments would be Rs 3,250 crore for deleveraging the Corporate Level Debt, Rs 1,497 crore for growth capital for current and future opportunities and Rs 600 crore for General Corporate Purposes. In the eventuality that IRB is not able to issue shares to both investors concurrently (due to the timing of receipt of regulatory approvals of either investor being longer than the regulatory permissions for the other investor), the total investment would get decreased to Rs 4,307 crore to Rs 4,462 crore. The exact quantum will rely on which investor transaction is concluded earlier. Avener Capital Private Limited served as the exclusive financial advisor to IRB for the deal. Virendra Mhaiskar, CMD – IRB Infrastructure Developers Ltd., told the media that through this investment, IRB would significantly benefit in terms of their global experience and best practices in the development, investment, and work of toll road projects. Image Source Also read: IRB Infra completes total fund raise of Rs 381.63 Crores

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Resources

16 Sep 2025

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Real Estate

16 Sep 2025

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..