IRB Infra board gives go-ahead on allotment of NCDs worth Rs 1,400 cr

IRB Infrastructure on Monday said its board has given nod to the allotment of non-convertible debentures (NCDs) worth Rs 1,400 crore, including subscription of 50 per cent issue by GIC affiliate on a private placement basis.

The balance 50 per cent of the NCDs worth Rs 700 crore has been subscribed by its subsidiary, IRB Infrastructure said in a regulatory filing to the BSE.

"The management administration and share transfer committee of the board of directors of the company at their meeting held on December 16, 2019, has approved the allotment of secured, redeemable, unlisted non-convertible debentures (NCD) amounting to Rs 1,400 crore on a private placement basis," IRB Infra said in the filing.

It said the NCDs will bear current interest rate of 11.75 per cent per annum.

"Fifty per cent of this issue has been subscribed by GIC-affiliate and the balance 50 per cent by our subsidiary -- limiting net external borrowing to Rs 700 crore," the company said.