NHAI targets Rs 30bn bond issuance for Delhi-Mumbai Expressway

DME Development, a division of the National Highways Authority of India (NHAI), is preparing to enter the bond market for the first time this fiscal year, with the aim of generating Rs 30 billion ($360.74 million). Established as a special-purpose vehicle by the NHAI in August 2020, DME Development is responsible for constructing the Delhi-Mumbai expressway, which traverses the states of Delhi, Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra. In March, DME successfully secured Rs 23.55 billion through the issuance of 10-year bonds carrying a semi-annual coupon rate of 7.89%. Prior to that, in February, the company raised Rs 36.84 billion via 10-year bonds at a semi-annual coupon rate of 7.82%. Currently, DME is in the process of planning another bond issuance, aiming to raise approximately Rs 30 billion through 10-year bonds. The company is considering inviting bids for the issuance later this month.