Delhi-Mumbai Expressway raises Rs 5k cr through maiden bond offering

16 Mar 2022 CW Team

Delhi-Mumbai Expressway Development Limited (DMEDL), a wholly-owned entity of the National Highways Authority of India (NHAI), has raised Rs 5,000 crore via a maiden 15-year bond offering with variable coupon rates.

The bond, with a basic size of Rs 1,000 crore plus greenshoe of Rs 4,000 crore, was priced at 6.85%. The coupon would be reset each quarter based on the yield on the three-month treasury bill plus a fixed spread of 311 basis points, as per the bond dealers.

In February this year, the rating agency CARE reaffirmed “AAA” with a stable outlook. The Delhi-Mumbai stretch is aimed to be achieved by March next year. The last section of the highway, i.e., spur to Jawaharlal Nehru Port Trust (JNPT), is envisaged to be achieved by September 2023.

The total estimated project cost is envisaged at around Rs 87,453 crore (comprising the land purchase cost offered to be borne by NHAI).

DMEDL will raise the finance needed for the growth of the Delhi-Vadodara section on an EPC basis and the upfront commitment needed for the development of the Vadodara-Mumbai section on a Hybrid annuity model (HAM) basis.

The rating is backed by the Letter of Comfort (LoC) from NHAI in favour of the lenders funding the project.

NHAI will retain at least a 51% stake in the firm and invest additional equity or arrange for term facilities in case of any shortfall in the funding plan.

Image Source

Also read: Delhi-Mumbai Expressway raises Rs 18,456 cr from bonds and loans

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..