NHAI sells 30-year bonds worth Rs 50 billion to LIC to fund projects

The National Highways Authority of India (NHAI) has raised Rs 50 billion by selling 30-year bonds at a coupon rate of 7.24 per cent to the Life Insurance Corporation of India for funding road projects in the country. This is the second issuance of 30-year bonds by NHAI. In January 2017, the organisation had raised Rs 85 billion at a coupon of 7.22 per cent. These bonds have been structured in such a way that NHAI has a right to call them back by repaying the investors. Such call options are scheduled at the end of 10 years and 20 years from the date of issue.