Cube Highways likely to raise Rs 35 billion from SBI for TOT Bundle III

Reportedly, Cube Highways and Infrastructure Pte Limited is likely to raise funds worth about Rs 35 billion from SBI to fund its purchase of long-term toll collection rights under the toll-operate-transfer (TOT) model. Thus, Cube Highways, which has been declared as the highest bidder for TOT Bundle III, is set to achieve financial closure soon. Cube Highways needs to pay Rs 50.11 billion to the National Highways Authority of India (NHAI) for the deal, of which more than 25 per cent is expected to be put in by the company’s promoters. The rest will be funded by the long-term SBI loan, negotiations on the final terms of which are currently going on.