IRB Infra to raise Rs 500cr via debt securities; stk up 6%

IRB Infrastructure Developers, one of the leading private developers in India, rose more than 6% after the company's board approved raising of funds via issue of Redeemable Non Convertible Debt Securities (including senior debt securities or subordinate debt securities).

The company is looking to garner up to Rs 500 crore in one or more tranches on private placement basis. At 14:50 hrs the stock was quoting at Rs 124.10, up Rs 7.15, or 6.11 percent. It touched an intraday high of Rs 126.30 and an intraday low of Rs 117.55. It was trading with volumes of 853,750 shares, compared to its five day average of 86,812 shares, an increase of 883.45 percent. In the previous trading session, the share closed down 0.17 percent or Rs 0.20 at Rs 116.95.