Mumbai, Oct. 8 -- Cube Highways Trust, also known as Cube InvIT, has raised Rs. 11.5 bn through the issuance of senior, secured, listed, rated and redeemable non-convertible debentures (NCDs). The securities carry a face value of Rs. 0.1 mn each, a coupon of 7.50 per cent a year payable quarterly, and a tenor of five years.
Cube Highways Fund Advisors, the investment manager, conducted the issuance through the NSE Electronic Bidding Platform. The bidding process concluded on September 28, 2026. The proceeds are intended to refinance some or all outstanding senior debt facilities and commercial papers, as well as fund capital expenditure and maintenance expenses for the project special purpose vehicles.
Institutional investors subscribed to the issue. Axis Bank was allocated Rs. 5.5 bn, comprising Rs. 1.65 bn as an anchor investor and Rs. 3.85 bn as a non-anchor investor. ICICI Bank received an allocation of Rs. 6 bn, including Rs. 1.8 bn as an anchor investor and Rs. 4.2 bn as a non-anchor investor.
The transaction is part of Cube InvIT's broader financing programme, which has been approved for raising financial assistance of up to Rs. 45 bn. The programme may be executed in one or more tranches through a combination of NCDs, commercial papers and rupee-denominated facilities.
Axis Bank is a related party of Cube Highways Trust because it promotes Axis Trustee Services, the trustee of the trust. The company said the required approvals for the related-party transaction had been obtained from the audit committee and board in accordance with the applicable regulatory framework.
Cube InvIT is an irrevocable trust established under the Indian Trusts Act, 1882, and registered with the Securities and Exchange Board of India as an infrastructure investment trust. It became a public listed InvIT on July 31, 2026, after converting from a private listed InvIT.
Published by HT Digital Content Services with permission from Construction World.