Cube Highways Trust secures ₹1,150 crore through AAA-rated NCDs
The NCDs are proposed to be utilised towards refinancing.
Cube Highways Trust, overseen by Cube Highways Fund Advisors Pvt. Ltd., has successfully raised ₹1,150 crore through the issuance of senior, secured, listed, rated, redeemable, non-convertible debentures (NCDs). These NCDs, each with a face value of ₹1 lakh, offer a coupon of 7.50% per annum, payable quarterly, and have a five-year tenure.
The investment manager for the trust handled the issuance via the NSE Electronic Bidding Platform, with the bidding process concluding on September 28, 2026. The NCDs are intended to be used for refinancing a portion or entirety of existing senior debt facilities and/or commercial papers, as well as funding capital expenditure and maintenance expenses associated with Project SPVs.
Institutional investors participated in the NCD issuance, with Axis Bank Limited receiving ₹550 crore and ICICI Bank Limited receiving ₹600 crore. Axis Bank Limited's share was divided between an Anchor Investor allocation of ₹165 crore and a Non-Anchor Investor allocation of ₹385 crore, while ICICI Bank Limited's share was split into ₹180 crore for an Anchor Investor and ₹420 crore for a Non-Anchor Investor.
This transaction is part of Cube InvIT's broader financing program, which has been approved to raise financial assistance up to ₹4,500 crore through one or more tranches and a combination of NCDs, commercial papers, and/or rupee-denominated facilities.
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- Cube Highways Trust secures Rs.1,150 crore through AAA-rated NCDs economictimes.indiatimes.com
