Cube Highways Trust (Cube InvIT) on Friday said it has declared a Distribution Per Unit (DPU) of ₹2.15 to ordinary unit holders for the first quarter of FY24 with the total amount to be distributed at ₹277.42 crore.

Cube InvIT, managed by Cube Highways Fund Advisors, also reported a total consolidated income of ₹781.58 crore and an EBITDA of ₹423 crore during Q1 FY24. The results were announced on Thursday.

Cube InvIT Group CFO Pankaj Vasani said, “The DPU shall comprise ₹1.34 per ordinary unit as interest, ₹0.80 per unit as a dividend, and ₹0.01 per unit as treasury income. The record date for the distribution is August 11, 2023, and the distribution payment will be made on or before August 25, 2023”.

Cube InvIT CEO Vinay Sekar said, “We are commencing the fiscal on a firm footing, and are enthusiastic about delivering the Trust’s first-ever quarterly distribution. Cube InvIT remains committed to efficiently operating its portfolio to deliver stable returns and long-term value to unit holders.”

The InvIT had issued 129,03,46,112 ordinary units, and consequently, a total amount of ₹277,42 crore will be distributed to the ordinary unit holders, it said.

In June, Cube InvIT said that it has secured ₹1,030 crore through long-term listed non-convertible debentures (NCDs) from the International Finance Corporation (IFC).

Fund utilisation

The funds raised through this deal will be utilised for a Special Purpose Vehicle (SPV) owned by Cube Highways Trust. The Trust has a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.60 km.

These road assets are located across Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.

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