Cube Highways Trust Raises Rs 1,152 Crore via NCDs

New Delhi, Apr 25 (PTI) Cube Highways Trust on Friday said it has raised Rs 1,152 crore through AAA rated non-convertible debentures across two tenors.

In a statement, Cube Highways Trust (Cube InvIT), which is managed by Cube Highways Fund Advisors Pvt Ltd, said the three-year series was raised at a coupon of 7.2503 per cent with a premium over face value and subscription of approximately 2.6 times the offer, for refinancing of existing rupee loan.

The final participants included five mutual funds and a non-banking finance company, it added.

The 7-year series has been raised at a coupon of 7.3006 per cent with a premium over face value and a subscription of approximately 2 times the offer, for refinancing of existing rupee loan, the statement said.

The final participants included four insurance companies, a pension fund and a non-banking finance company.

"This transaction will further diversify Cube InvIT's funding sources, complementing existing relationships with banks, multilateral and development finance institutions," its CEO Vinay Sekar said.

Cube InvIT is backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi's sovereign investor Mubadala Investment Company.