Ya'll Nibbiars
IRB Infrastructure Developers Limited has executed an investment agreement with Cintra INR Investments BV Cintra, Mr. Virendra D. Mhaiskar, IRB Holding Private Limited formerly known as Mhaiskar Ventures Private Limited and certain other members of the Promoter and Promoter Group of the Company 'Cintra Investment Agreement. The Cintra Investment Agreement records the terms and conditions on the basis of which Cintra has agreed to subscribe to the Equity Shares of the Company. The total subscription amount aggregates to a maximum of INR 3180,22,19,509.48 Indian Rupees three thousand one hundred and eighty crores twenty two lakhs nineteen thousand five hundred nine and Paise forty eight.
In terms of the Cintra Investment Agreement, the Company is required to issue and allot not less than 11,65,26,032 eleven crores sixty five lakhs twenty six thousand and thirty two Equity Shares and up to 15,01,59,212 fifteen crores one lakh fifty nine thousand two hundred and twelve Equity Shares, at a price of INR 211.79 Indian Rupees two hundred eleven and Paise seventy nine per Equity Share.
And Upon completion of the proposed preferential allotment, Cintra shall have the right to nominate 2 two directors or 25% twenty five percent of the total directors of the Board if the size of the Board stands increased, rounded up to the nearest whole number to the position of nonexecutive directors of the Board. Cintra will also have similar nomination rights to the committees of the Board. The Cintra will have a standard pre-emptive right, i.e. right to subscribe to shares in case of further issuance of shares to maintain its shareholding in the Company.
The Company & Cintra have in-principle agreed to enter into advisory service agreement prior to or after infusion of subscription amount under Cintra preferential issue, to provide services to the Company on an arm's length basis, with a view to create a framework to allow transfer of knowhow and international best practices from Cintra to the Company.