Cube Highways Trust has raised Rs. 11.5 bn through the issue of senior, secured, listed, rated and redeemable non-convertible debentures (NCDs). The AAA-rated instruments carry a face value of Rs. 0.1 mn each, a coupon of 7.50 per cent a year payable quarterly, and a five-year tenor.

Cube Highways Fund Advisors, the investment manager, conducted the issue through the NSE Electronic Bidding Platform. The bidding process concluded on September 28, 2026. The proceeds are intended to refinance, partly or fully, outstanding senior debt facilities and commercial papers, as well as fund capital expenditure and maintenance expenses related to project special purpose vehicles (SPVs).

Institutional investors subscribed to the issue. Axis Bank was allocated Rs. 5.5 bn, including Rs. 1.65 bn as an anchor investor and Rs. 3.85 bn as a non-anchor investor. ICICI Bank was allocated Rs. 6 bn, comprising Rs. 1.8 bn under the anchor investor allocation and Rs. 4.2 bn under the non-anchor investor allocation.

The transaction is part of Cube InvIT’s wider financing programme, which has been approved to raise financial assistance of up to Rs. 45 bn. The programme allows the trust to raise funds through one or more tranches and a combination of NCDs, commercial papers or rupee-denominated facilities.

The financing is expected to support the trust’s debt-management requirements while providing funds for ongoing capital expenditure and maintenance across its project SPVs. The issue structure, which includes secured and listed debt instruments, gives institutional investors exposure to the trust’s infrastructure-related financing programme.