IVRCL Infra raises Rs 555cr for expansion

IVRCL Infrastructures & Projects has raised about Rs 555 crore via a private placement to qualified institutional buyers (QIB), by offering 150 lakh new equity shares at Rs 370 per share.

According to an official release issued by the company to the BSE today, it is the first infrastructure construction firm to raise equity via the qualified institutional placement (QIP) route. Citigroup and ABN AMRO acted as the joint lead managers to the transaction.

Sudhir Reddy, CMD of the company, said: "We are extremely pleased with the successful outcome of our capital raising exercise. We believe this capital raising by IVRCL shows strong faith by Institutional investors in our business strategy and growth story. These funds will enable us to strengthen our existing position as a leading infrastructure construction company in India and will enable us to grow our businesses."