Cube Highways Trust has raised Rs 8.6 billion from the International Finance Corporation (IFC) via long-term non-convertible debentures (NCD) at a coupon rate of 7.67 per cent. The debentures include an anchor part of Rs 2.58 billion and a tenor of 17 years and 10 months. The money raised will be used for developing road projects and future acquisitions by the trust.
The funding comes as part of Cube InvIT’s larger debt plan worth Rs 48.98 billion, which will be utilised to finance its capital expenditures for a few projects as well as its tranche 2 road assets. Back in June 2024, six hybrid annuity model (HAM) projects were acquired for Rs 22.48 billion from this. The rest of the finances will be used to fund the purchase of NAM Highway, which is expected to be completed this quarter.