NHIT to raise Rs 15 bn via NCDs for 3 new road projects

10 Oct 2022 CW Team

The National Highways Infrastructure Trust (NHIT) will raise Rs 15 billion through non-convertible debentures, as it looks to add three highway stretches worth Rs 38 billion to its portfolio.

The trust will issue 15 million debentures of three separate face values, according to a filing made by the trust to the Securities and Exchange Board of India (SEBI).

NHIT is the Infrastructure Investment Trust (InvIT) of the National Highways Authority of India (NHAI). Last week, the InvIT raised external capital of Rs 12.17 billion from institutional investors.

Union Minister for Road Transport and Highways Nitin Gadkari had earlier hinted at the public listing of the currently private-listed InvIT. While this plan is being worked out with SEBI, retail investors can invest in the NCDs. Previously, NHIT's debt component comprised only bank loans.

"We are now going to the capital markets for our Build-Operate-Transfer (BOT) and Hybrid Annuity Mode (HAM) projects and we’ll assure you 8 per cent return,” the minister had said recently, adding that he wants to tap small investors.

NHIT currently owns, operates and maintains a portfolio of 5 initial toll roads spanning 389 km in Gujarat, Rajasthan, Telangana, and Karnataka, and intends to toll, operate and maintain 3 more toll roads spanning 246 km in Telangana, Maharashtra, Uttar Pradesh and Madhya Pradesh under the Toll Operate and Transfer model of NHAI.

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