What to watch. Financial closure bodes well for IRB Infra

IRB Infrastructure Developers has achieved financial closure for ₹2,090-crore worth highway project in Rajasthan. The infrastructure maker said the special purpose vehicle has tied up with a consortium of lenders led by State Bank of India. The total cost of the project is ₹2,090 crore and the company will infuse sponsor contribution, including internal accruals of ₹690 crore; the balance ₹1,400 crore will be at an average cost of 10.25 per cent per annum.