Cube Highways Trust raises Rs 1,150 crore via senior secured NCDs
In short
Cube Highways Trust said it raised Rs 1,150 crore by selling senior secured NCDs. The bonds pay 7.50% a year and are payable quarterly for five years.
Axis Bank and ICICI Bank were major investors, and the money will go to debt refinancing and capital projects. The source does not say when the full Rs 4,500 crore plan will be completed.
What the reporting says
Cube Highways Trust raised Rs 1,150 crore by issuing senior secured NCDs at a 7.50% annual coupon payable quarterly for five years. The source says Axis Bank and ICICI Bank were major investors, and the proceeds will be used for debt refinancing and ongoing capital projects. The remaining question is how this financing fits into the broader Rs 4,500 crore plan.
Why it matters
The trust completed a debt financing deal through senior secured NCDs, with a coupon of 7.50% and a five-year tenure. Axis Bank and ICICI Bank were named as major investors, and the proceeds are earmarked for refinancing and capital spending. This suggests funding support for infrastructure assets, but the source does not disclose the full timetable or remaining amount to be raised.