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