National Highways Authority of India sponsored InvIT — National Highways Infra Trust — files draft papers with market regulator for ₹1,500-crore NCD issue.

Public issue of Secured Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) of face value of ₹1,000 each (comprising three separately transferable and redeemable principal parts (STRPP) — STRPP A of face value of ₹300, STRPP B of face value of ₹300 and STRPP C of face value of ₹400 — for ₹1,500 crore.

Stable rating

The NCDs, rated as ‘Provisional CARE AAA; Stable’ by CARE Ratings Ltd and ‘Provisional IND AAA/Stable’ by India Ratings and Research Private Ltd, are proposed to be listed on the BSE and National Stock Exchange of India Ltd.

Upon allotment, an investor will be allotted all three STRPPs of an NCD against the equivalent amount invested by such investor subject to minimum application size. However, subsequent to listing, the trading lot would be of one STRPP forming part of any NCD, bearing individual ISIN will be tradable by the NCD holder.

Net proceeds

Net proceeds are proposed to be utilised towards infusion of debt into the project SPV of NHIT, repayment of the bridge loan facility of NHIT (availed, if any) and general corporate purposes.

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

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