IRB Infra dollar bonds: IRB Infrastructure Developers has secured $540 million through dollar-denominated bonds maturing in eight years, with a 7.11 per cent coupon rate, as confirmed by a senior company official. 

The company experienced an overwhelming response, with over $2 billion in bids, indicating an oversubscription of approximately four times. 

More than 115 investors globally participated in the issuance, reflecting strong investor confidence in IRB's dedication to infrastructure development.

Virendra Mhaiskar, the chairman and managing director of IRB Infrastructure Developers, expressed gratitude for the major investor confidence, citing it as a testament to the company's commitment to infrastructure projects.

He highlighted that the bond issue would not only diversify funding sources but also foster enduring relationships with international capital market investors.

The bonds have a weighted average life of seven years and three months, offering a yield of 7.125 per cent.

The proceeds from the issuance are designated for refinancing purposes. 

Notable financial institutions such as Deutsche Bank, Barclays, Citigroup, CLSA, JPMorgan, and Standard Chartered Bank served as joint bookrunners for the issue.

Fitch and Moody's are anticipated to rate the notes at BB+ and Ba2 respectively, underscoring the investment-grade nature of the issuance.

(With Reuters Inputs)