IRB currently has 18 BOT (build, operate and transfer) road projects counting up to 2,070 km with a total investment of Rs.28,300 crore. Of these, 13 projects are operational, and five are under construction. The company’s InvIT will house six NHAI road projects and spread across six states, employing equity and sub-debt of Rs.2,600 crore and debt of close to Rs.3,300 crore (see: Road runner). These six projects generated close to Rs.1,000 crore in revenues in FY16. IRB’s issue comprises a fresh issue of shares to raise Rs.4,300 crore. A chunk of the proceeds is earmarked for issuing fresh debt to the project SPVs so that they can prepay entirely or make partial repayment of money to its lenders. This also includes repayment of loan taken by the SPVs from the parent (sponsor) IRB Infrastructure.