IRB Infra raises Rs 533 crore equity capital

New Delhi: IRB Infrastructure Developers on Wednesday said its Ganga Expressway Project has raised equity capital of Rs 533.20 crore.

The company in a statement said Singapore-based GIC Affiliates contributed Rs 261.29 crore and IRB Infra contributed Rs 271.90 crore.

The statement further added that IRB Infra will hold 51 per cent stake in the project while GIC Affiliate will hold 49 per cent.

The project is expected to complete private placement of NCD of Rs 138.65 crore to IRB Infra and GIC Affiliate soon subject to fulfilment of condition precedents, it added.

IRB Infra will act as the project manager for Ganga Expressway Project.           

Meerut Budaun Expressway, Ganga Expressway Group 1 greenfield build-operate-transfer (BOT) project is a six-lane stretch of 129.700 kilometres, expandable to eight lanes, between Meerut and Budaun in Uttar Pradesh, with the cost outlay of Rs 6,538 crore.

The company had recently received appointed date from nodal agency Uttar Pradesh Expressways & Industrial Development Authority (UPEIDA) to commence construction activity.