Cube Highways Trust (Cube InvIT) has raised ₹1,152 crore through AAA-rated non-convertible debentures (NCDs) across two tenors to refinance existing rupee loans.
Cube InvIT raised funds via oversubscribed bonds, diversifying funding sources and strengthening its market presence with backing from top global investors.
The three-year series, subscribed 2.6 times, was raised at a coupon of 7.2503%, while the seven-year series, subscribed 2 times, was raised at 7.3006%. Participants included mutual funds, insurance companies, pension funds, and a non-banking finance company. CEO Vinay Sekar said the move diversifies Cube InvIT’s funding sources beyond banks and development finance institutions. Cube InvIT is backed by a strong investor base, including I Squared Capital, Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Mubadala Investment Company, enhancing its financial stability and market presence.
