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

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