Cube Highways Trust Raises Rs1,150 Cr NCDs

Cube Highways Trust Raises Rs1,150 Cr NCDs

Cube Highways Trust (Cube InvIT), listed on NSE/BSE under the symbols CUBEINVIT/543899, successfully raised Rs 1,150 crore through the issuance of senior, secured, listed, AAA‑rated, redeemable non‑convertible debentures (NCDs). Each NCD carries a face value of Rs 1 lakh, bears a coupon of 7.50% per annum payable quarterly, and has a tenor of five years. The issuance was conducted via the NSE Electronic Bidding Platform, with the bidding process concluding on 28 September 2026.

Institutional investors subscribed to the entire issue, with Axis Bank Limited receiving an allocation of Rs 550 crore and ICICI Bank Limited receiving Rs 600 crore. Axis Bank was allotted Rs 165 crore as an anchor investor and Rs 385 crore as a non‑anchor investor, while ICICI Bank was allotted Rs 180 crore as an anchor investor and Rs 420 crore as a non‑anchor investor.

The proceeds are earmarked to refinance, in part or in full, outstanding senior debt facilities and commercial papers, and to fund capital expenditure and maintenance expenses related to the Project Special Purpose Vehicles (SPVs) of the trust.

This transaction forms part of Cube InvIT’s broader financing programme, which has been approved for raising up to Rs 4,500 crore across one or more tranches through a combination of NCDs, commercial papers, and rupee‑denominated facilities.

Disclosure notes that Axis Bank Limited is a related party of Cube Highways Trust by virtue of being the promoter of Axis Trustee Services Limited, the trustee of the trust. The requisite related‑party transaction approvals from the Audit Committee and Board have been obtained in accordance with applicable regulations.

Cube Highways Trust is an irrevocable trust established under the Indian Trusts Act, 1882, and is registered with SEBI as an Infrastructure Investment Trust (SEBI Registration No: IN/InvIT/22-23/0022). The trust converted from a private listed InvIT to a public listed InvIT effective 31 July 2026. Its sponsor is part of the Cube Group, an institutionally‑owned road infrastructure platform backed by investors including I Squared Capital (through ISQ Fund III Asia Infrastructure Holdings Pte. Ltd), Platinum Rock (a subsidiary of the Abu Dhabi Investment Authority), Varese IRR LP (BCI), and Mubadala Investment Company PJSC (through Seventy Second Investment Company LLC).