Cube Highways Trust Raises Rs 8.20 Bn via NCDs for Debt Repayment

22 Aug 2025 CW Team

Cube Highways Trust, an infrastructure investment trust (InvIT) managed by Cube Highways Fund Advisors, has raised Rs 8.20 billion through non-convertible debentures (NCDs) to refinance existing borrowings.

The InvIT’s board approved the allotment of 82,000 NCDs with a face value of Rs 1 lakh each on a private placement basis on August 20, 2025. The issuance included two tenors — 3.5 years and 10 years — at coupons of 6.93 per cent and 7.3 per cent, respectively. The debt instruments have been rated ‘AAA (Stable)’ by Icra.

Following this transaction, fixed-rate borrowings account for 33.4 per cent of Cube InvIT’s obligations.

Earlier this year, the trust secured Rs 8.60 billion from the International Finance Corporation (IFC) through a sustainability-linked bond in February. In April, it raised Rs 11.52 billion via AAA-rated NCDs across three-year and seven-year tenors. The three-year series carried a coupon of 7.25 per cent with a premium over face value and witnessed a subscription of about 2.6 times, with participation from five mutual funds and a non-banking financial company.

Cube InvIT is backed by investors including I Squared Capital, the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi’s Mubadala Investment Company.

As of Q1 FY26, the InvIT’s assets under management and gross borrowings stood at Rs 365.43 billion.

News source: Business Standard

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..