IRB Infrastructure Developers (IRB), one of the largest Road BOT developers in India, has announced that Solapur Yedeshi Tollway, SPV for Solapur to Yedeshi project has tied up project finance of Rs 9.1 billion.

The total cost of this project is Rs 14.92 billion, out of which viability gap funding from NHAI of Rs 1.89 billion, equity contribution by the company will be approx. Rs 3.93 billion and remaining will be funded through project finance of Rs 9.10 billion. The average cost of this project finance is approx. 11.75% p.a.

Shares of the company declined Rs 5.1, or 2.03%, to trade at Rs 246.50. The total volume of shares traded was 301,545 at the BSE (1.06 p.m., Monday).