IRB Infrastructure Developers to raise up to $200 million

IRB Infrastructure Developers on Wednesday said its board has approved a proposal to raise up to USD 200 million by issuing foreign currency-denominated notes, including US dollar-denominated bonds or other debt securities.

The company, in a regulatory filing, said it intends to avail term loans from various sources, including financial institutions, to meet its financial requirements to create security, as deemed necessary by the board, to secure the debt securities and enter into hedging contracts when required, as permitted by the Reserve Bank of India.

The company's board of directors approved the proposal at a meeting held on Wednesday.

IRB Infrastructure on Tuesday posted a 19 per cent year-on rise in its toll revenue to Rs 502 crore in September.

Revenues from the toll collection business stood at Rs 421 crore in the same month last year.