EPFO grants Rs 50 billion to NHAI for Bharatmala programme

The National Highways Authority of India (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 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. In addition, NHAI also plans to raise funds through the issuance of bonds to senior citizens and pensioners, the proposal for which was cleared by NHAI’s board on November 9, 2017.