IRB to raise Rs500 crore

IRB Infrastructure has received approval from its board to raise up to ?500 crore by means of private funds. The funds will be raised by issuing redeemable non-convertible debt securities, including senior and subordinate debt securities in one or more tranches. IRB showed a net profit of ?151 crore, as compared to ?120 crore in the same quarter last year while the annual revenue increased 11% from ?884 crore to ?980 crore. The company has standing orders of ? 8,400 crore, out of which orders of ?6,400 crore worth orders are to be executed in the next three years.