on Sunday said that it has received NOC from NHAI for transfer of nine of IRB Infrastructure Developers Ltd ("the Company" or "IRB") BOT assets to IRB Infrastructure Trust and subsequent investment by GIC affiliates for 49% stake in the Trust.
"SEBI has already granted the Certificate of Registration...to the Trust to which the company is a Sponsor, to carry out the activities as an InVIT, subject to the conditions specified in the SEBI Act, 1992 and the Regulations made thereunder. Further, 98% of our lenders have approved their NOCs supporting the deal and we expect to close the balance shortly," the company said in the filing.
Earlier, in August 2019, the company had announced signing definitive agreements with GIC affiliates, for an investment up to Rs4,400cr -- amounting to 49% stake in a portfolio of 9 of its assets through Private InvIT structure (viz IRB Infrastructure Trust), while IRB retains controlling stake of 51% in the Trust.
The portfolio spans across l,200 kms in Haryana, Uttar Pradesh, Rajasthan & Gujarat, Maharashtra and Karnataka. Three of these projects are operational and balance six are under various stages of construction. Five of the assets under construction are four to six laning projects, where tolling, as well as construction, has already begun. These projects are strategically located along economic corridors and across tourist hubs.
The Investment proceeds from the deal will be used for part deleveraging of the portfolio and equity funding for under-construction projects of the portfolio, the company added.