NHAI has borrowed Rs 50 billion from the Employees’ Provident Fund Organisation by selling long-tenor bonds to finance the government’s Bharatmala programme. NHAI has sold corporate bonds with a coupon rate of 7.64 per cent and a maturity period of 15 years. These bonds will have a call option after 10 years, allowing the borrower to extinguish the liability before the scheduled redemption. Further, the Ministry of Road Transport and Highways plans to raise Rs 590 billion through bond issues, including masala bonds, in 2017-18.