IRB Infrastructure Developers, a highway construction company, on February 22 said its board has approved the allotment of Unlisted, Unrated, Secured, Redeemable, Non- convertible Debentures aggregating to Rs 21,845.5 million on a private placement basis.

The tenure of the instrument is 7 years and coupon rate is 9.927% per annum. The Debentures will mature in February, 2028 pursuant to the Debenture Trust Deed.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

Shares of the company gained Rs 1, or 0.94%, to settle at  Rs 106.90.  The total volume of shares traded  was 31,550 at the BSE (Thursday).