IRB InvIT Fund gets SEBI approval to launch IPO

The IRB InvIT Fund, an investment trust sponsored by IRB Infrastructure Developers, has received SEBI’s approval to raise Rs 43 billion through an initial public offering (IPO). The fund had filed its draft papers for the proposed IPO in September 2016. According to the papers, the IPO comprises a fresh issue of units worth up to Rs 43 billion by the trust and an offer for sale of units by IRB Infrastructure Developers and its subsidiaries — Modern Road Makers, Aryan Toll Road, ATR Infrastructure and Ideal Road Builders.