IRB Infrastructure Trust (InvlT) has successfully closed second tranche of fund raising and has raised ₹510 crore, through a Rights Issue of Units.

IRB, being the sponsor and 51 per cent stakeholder in the InvIT, invested ₹260 crore and the GIC Affiliates which hold 49 per cent have contributed remaining ₹250 crore, IRB said in a filing.

This capital raising is a part of the total commitment of ₹4,400 crore by GIC affiliates, for a 49 per cent stake in the lnvlT, which has nine BOT assets. Out of this, IRB InvlT, which is a private InvlT, has already raked in ₹3,753 crore from GIC affiliates in February this year.

IRB will continue to hold 51 per cent and GIC affiliates will continue to hold a 49 per cent stake in the InvlT even after the rights issue. In its second quarter earnings, Vinod Kumar Menon, Executive Director & CEO of the Investment Manager had said that despite partial unlocking across the country, the second quarter witnessed improvement in the operations.

Also read: IRB InvIT reports 38.7 per cent drop in Q1 revenues

“With expectations of further improvements with more unlocking, we are pleased to state that as expected the normalcy in toll collections at all our projects is almost achieved and at present the toll collection is at par and above in comparison with the corresponding quarter of FY20,” he added.

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