IRB Infrastructure Developers, a highways infrastructure developer, has completed equity fundraising of ₹5,347 crore, claiming to be the largest equity fundraise by an Indian highways infrastructure developer.
As per the deal, Cintra has invested ₹3,180 crore through preferential placement, translating to a holding of up to 24.9 per cent equity in the company. Bricklayers Investment invested ₹2,167 crore also through the preferential issue, holding up to 16.9 per cent stake.
On October 26, IRB Infra had announced the equity fundraise through preferential shares allotment to the Cintra INR Investments BV, a 100 per cent subsidiary of Cintra Global S.E., which is 100 per cent subsidiary of the Ferrovial S.A., Spain and Bricklayers Investment Pte. Ltd., a 100 percent subsidiary of GIC, Sovereign Wealth Fund of the Singapore Govt.
Cintra has nominated Jose Tamariz Martel Goncer as a non-retiring Additional Non-executive Director and Carlos Ugarte Cruz Coke as an Additional Non-executive Director on the board of IRB Infrastructure Developers.
Virendra D. Mhaiskar, Founder-Promoter of IRB Infra, will continue as the promoter and single largest shareholder with 34 per cent holding in the company and will retain management control.
IRB Infra had convened an extraordinary general meeting of its shareholders on November 20, to seek their approval for the equity fundraise. About 95 per cent of shareholders, including the large institutional shareholders, voted in favour of the fund raise plan.