Other Private Equity/Strategic Investments
IRB Infra to raise Rs.5,347-Cr from Spain's Ferrovial, GIC
Publicly-listed toll road developer IRB Infrastructure Developers will raise INR 5,347 crore through a preferential allotment of equity shares to Cintra INR Investments BV, a unit of Spain-headquartered infrastructure focussed MNC Ferrovial SA,, and Bricklayers Investment Pte Ltd, a unit of Singapore sovereign wealth fund GIC. Avener Capital acted as the exclusive financial advisor, and S&R Associates as legal advisor, to IRB. Ferrovial will invest INR 3,180 crore into the IRB for a 24.9% stake. GIC would invest INR 2,167 Cr for a 16.9% stake. The issue price is INR 211.79 per share. IRB Infrastructure Developers Ltd (IRB) is the largest private roads and highways infrastructure developer in India, with an asset base of over INR 55,000 Crs. across the parent company and two InvITs. IRB Group's portfolio (including Private and Public InvIT) comprises 24 projects. Virendra D. Mhaiskar, the Founder Promoter of IRB will continue as the promoter and single largest shareholder post completion of the transactions with an approximate 34.0% stake and will retain management control of IRB.
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