Varanasi-Aurangabad NH-2 Tollway Private Limited (VAH), fully owned by the ROADIS Group, has successfully raised Rs 26.30 billion ($316.30 million) via dollar-denominated bonds. The bonds have a 5.9 per cent interest rate and a nine-year maturity.
The funds will be utilised for refinancing and capital expenditure. Global investors have shown great interest in the bond sale, demonstrated by an oversubscription of around 10.4 times. Up to 144 investors participated in the offer. With this, VAH has obtained an investment-grade rating, making it the first Indian road concession business to raise dollar-denominated debt in international capital markets.