IRB Infrastructure Developers Ltd.'s shareholders approved a preferential allotment at the company's extraordinary general meeting on Saturday as the road and highway developer looks to raise funds.
Shares worth Rs 5,347 crore would be allotted to Cintra INR Investments BV and Bricklayers Investment Pte., the company said in a statement. This, the company said, was its largest equity capital raise through such an allotment.
The resolution was passed with 95.21% of votes in favour, with all large institutional shareholders of the company concurring.
The approval, Chairman and Managing Director Virendra D Mhaiskar said, would aid the company to move ahead for deal closure.
Cintra Global S.E., a wholly owned subsidiary of Ferrovial S.A., would invest Rs 3,180 crore, representing 24.9% stake. Bricklayers Investment, an affiliate of GIC, Singapore's sovereign wealth fund, would invest Rs 2,167 crore, accounting for 16.9% stake in the company.
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