IRB Infrastructure share price zooms on fund raising, strong toll collection

IRB Infrastructure Share Price News: IRB Infrastructure Developers Ltd share price (NSE: IRB) zoomed over 9 percent in trade on Monday, registering almost three times spurt in trading volumes. The strong buying in the toll company's shares came after its special purpose vehicles (SPV) raised Rs 700 crore by issuing non-convertible debentures on a private placement basis to eligible investors.

"...subsidiary of IRB Infrastructure Trust (sponsored by IRB Infrastructure Developers Limited) – Udaipur Tollway Limited (UTL), has allotted unlisted, rated, redeemable non-convertible debentures aggregating to INR 700 Crores on a private placement basis to eligible investors on December 29, 2022," IRB Infra said in an exchange filing.

The NCD proceeds from refinancing would be utilised for part takeout financing of the Existing Project Loans obtained and provide significant savings of over Rs 100 million annually at a revised interest cost of around 8.9 percent, it added.

IRB Infra added that it had refinanced 2 BOT projects – Yedeshi Aurangabad and Solapur Yedeshi earlier this quarter. 

Besides, toll companies' shares were also in focus as fastag toll collection showed a 34 percent year-on-year jump and an over 6 percent month-on-month growth, as per a Zee Business research. The daily toll collection value in December came in around Rs 168 crore with a transaction count of around 1 crore. 

At 3.12 pm, IRB Infra shares quoted at Rs 314.30 apiece, up 8.23 percent on BSE. The stock opened at Rs 291.65 and hit the day's high of Rs 317. Meanwhile, the benchmark 30-share BSE Sensex traded nearly 300 points higher at 61,133. 

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