Cube Highways Trust Secures Rs 6 Bn via Bonds for Infrastructure Growth

22 Feb 2025 CW Team

Cube Highways Trust (Cube InvIT), managed by Cube Highways Fund Advisors, has successfully completed a Rs 6 billion bond issuance arranged by Axis Bank. The issuance attracted participation from banks, insurance companies, and development financial institutions.

Cube InvIT’s Board approved the allotment of 60,000 non-convertible debentures (NCDs) with a face value of Rs 1 lakh each, totalling Rs 6 billion. These NCDs have a tenure of 19 years and one month and were issued on a private placement basis on February 21, 2025. The bonds will be listed on the wholesale debt market segment of BSE.

The proceeds from this issuance will be utilized to refinance the debt of Cube InvIT’s recently acquired Special Purpose Vehicle. This move follows the recent issuance of a Rs 8.60 billion Sustainability-Linked Bond earlier in the month, further strengthening the company’s financial strategy.

The bond issuance received AAA ratings from both Crisil and India Ratings, highlighting Cube InvIT’s strong credit profile. The high rating reflects the company's robust capital foundation, transparent operational strategies, and disciplined risk management approach.

Cube InvIT continues to reinforce its position as a key infrastructure investment platform by leveraging diversified funding sources to support sustainable growth and operational excellence. The company has consistently demonstrated its ability to secure capital efficiently, reinforcing investor confidence.

Trilegal and Cyril Amarchand Mangaldas served as legal advisors for the transaction, while Catalyst Trusteeship Limited acted as the debenture trustee. This successful bond issuance further enhances Cube InvIT’s financial stability and growth trajectory in the infrastructure sector.

News source: Business World

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