Cube Highways raises Rs 4,500 cr for first InvIT
ROADS & HIGHWAYS

Cube Highways raises Rs 4,500 cr for first InvIT

According to two sources, I Squared Capital-backed roads platform Cube Highways has raised Rs 4,500 crore for its first infrastructure investment trust (InvIT) from Canada's British Columbia Investment Management Corp and Abu Dhabi's state-owned investment firm Mubadala.

A few domestic institutions, including Larsen & Toubro's treasury operations and the SBI Mutual Fund, have also participated in the fundraising, according to people who spoke on the condition of anonymity.

Cube Highways Trust, the InvIT established by Cube Highways, consists of 19 road assets totaling 1,636.5 km in 11 Indian states. The portfolio had a weighted average residual concession life of 21.8 years and an average operating history of 7.5 years as of March 31, 2022.

The portfolio reported revenue of ₹2,268.3 crore in FY22, growing from ₹1,828.5 crore in FY21.

"Bulk of the funds has come from British Columbia and Mubadala, while L&T and SBI MF and some other domestic investors have written smaller cheques. Securities and Exchange Board of India's InvIT rules require at least five public shareholders and the domestic institutions have been brought in to meet that requirement," said one of the people. "This is the biggest portfolio of road assets to be put under the InvIT structure so far in India. Cube filed a placement document (offer document) with Sebi earlier this week. Funds will be used to repay asset-level loans taken from financial institutions as well as loans made to these assets by Cube."

According to him, the InvIT will have first dibs on up to six more road projects.

According to a draft offer document filed by Cube Highways Trust last year, the InvIT intends to use up to 4,315 crore for debt repayment and prepayment. According to the offer document, a portion of the funds will also be used for "providing loans to certain initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, obtained by them from certain banks and financial institutions and the Cube Group."

According to the draught prospectus, the portfolio of 19 assets has a total debt of 18,190 crore.

Also Read
Magicbricks: Indian housing demand increased 14% from January to March
40% of registered apartments in Noida receives completion certificates

According to two sources, I Squared Capital-backed roads platform Cube Highways has raised Rs 4,500 crore for its first infrastructure investment trust (InvIT) from Canada's British Columbia Investment Management Corp and Abu Dhabi's state-owned investment firm Mubadala. A few domestic institutions, including Larsen & Toubro's treasury operations and the SBI Mutual Fund, have also participated in the fundraising, according to people who spoke on the condition of anonymity. Cube Highways Trust, the InvIT established by Cube Highways, consists of 19 road assets totaling 1,636.5 km in 11 Indian states. The portfolio had a weighted average residual concession life of 21.8 years and an average operating history of 7.5 years as of March 31, 2022. The portfolio reported revenue of ₹2,268.3 crore in FY22, growing from ₹1,828.5 crore in FY21. Bulk of the funds has come from British Columbia and Mubadala, while L&T and SBI MF and some other domestic investors have written smaller cheques. Securities and Exchange Board of India's InvIT rules require at least five public shareholders and the domestic institutions have been brought in to meet that requirement, said one of the people. This is the biggest portfolio of road assets to be put under the InvIT structure so far in India. Cube filed a placement document (offer document) with Sebi earlier this week. Funds will be used to repay asset-level loans taken from financial institutions as well as loans made to these assets by Cube. According to him, the InvIT will have first dibs on up to six more road projects. According to a draft offer document filed by Cube Highways Trust last year, the InvIT intends to use up to 4,315 crore for debt repayment and prepayment. According to the offer document, a portion of the funds will also be used for providing loans to certain initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, obtained by them from certain banks and financial institutions and the Cube Group. According to the draught prospectus, the portfolio of 19 assets has a total debt of 18,190 crore. Also Read Magicbricks: Indian housing demand increased 14% from January to March 40% of registered apartments in Noida receives completion certificates

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement