Mumbai: The National Highways Authority of India (NHAI) through its NHAI Infrastructure Trust, an infrastructure investment trust, is offering non-convertible debentures at a coupon of 7.90% p.a. payable semi-annually. The NCDs have an effective yield of 8.05% and a tenor of a maximum of 25 years, as per its prospectus filed with SEBI.
The total size of the redeemable non-convertible debentures issue is Rs 1,500 crores with a base issue size of Rs 750 crores with an option to retain oversubscription up to Rs 750 crores. The NCD issue will open on October 17 and close on November 7, 2022. The minimum application amount is Rs 10,000. Thereafter, one can apply in multiples of Rs 1,000.
The InvIT bonds will be listed on BSE and National Stock Exchange providing an opportunity for investors to invest and trade.
The net proceeds will be utilised towards the infusion of debt into the project special purpose vehicle of NHIT, repayment of the bridge loan facility of NHIT, and general corporate purposes.
Addressing the event through a video link Nitin Gadkari, Road Transport and Highways Minister, said, “National Highways Infra Trust, so far, has raised more than Rs 8,000 crore from foreign and Indian institutional investors and is looking to raise additional Rs 3,800 crore.”
The registrar to the Issue is KFin Technologies Limited. Lead managers for the Issue are JM Financial Limited, A.K. Capital Services Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Trust Investment Advisors Private Limited. The credit rating agencies are CARE Ratings Limited and India Ratings and Research Private Limited.