Cube Highways secures funding from IFC
04 Jul 2023
1 Min Read
CW Team
Cube Highways, managed by Cube Highways Fund Advisors, successfully secured Rs 1,030 crore through long-term listed non-convertible debentures (NCDs) from the International Finance Corporation (IFC). The transaction was finalised on June 28, 2023.
The funds raised through this deal will be utilised for a Special Purpose Vehicle (SPV) owned by Cube Highways Trust. Cube Highways Trust has a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.60 km. These road assets are located across 11 states, including Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.
Commenting on the transaction, Vinay Sekar, CEO of Cube InvIT, said, 鈥淲e are grateful for the support and confidence shown by IFC. This collaboration further reinforces Cube's dedication to upholding exemplary standards of governance and sustainability practices. Cube Highways Trust remains committed to operating and maintaining high-quality infrastructure assets and generating long-term value for all our stakeholders.鈥�
Pankaj Vasani, Group CFO of Cube InvIT, said, 鈥淲ith a total tenure of 12 years, and a robust structure, the long-term financing provided by IFC conforms harmoniously to Cube's overarching strategic objective of fostering a resilient balance sheet, and further bolstering its financial stability and viability in the market.鈥�
Cube Highways, managed by Cube Highways Fund Advisors, successfully secured Rs 1,030 crore through long-term listed non-convertible debentures (NCDs) from the International Finance Corporation (IFC). The transaction was finalised on June 28, 2023.The funds raised through this deal will be utilised for a Special Purpose Vehicle (SPV) owned by Cube Highways Trust. Cube Highways Trust has a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.60 km. These road assets are located across 11 states, including Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal. Commenting on the transaction, Vinay Sekar, CEO of Cube InvIT, said, 鈥淲e are grateful for the support and confidence shown by IFC. This collaboration further reinforces Cube's dedication to upholding exemplary standards of governance and sustainability practices. Cube Highways Trust remains committed to operating and maintaining high-quality infrastructure assets and generating long-term value for all our stakeholders.鈥漃ankaj Vasani, Group CFO of Cube InvIT, said, 鈥淲ith a total tenure of 12 years, and a robust structure, the long-term financing provided by IFC conforms harmoniously to Cube's overarching strategic objective of fostering a resilient balance sheet, and further bolstering its financial stability and viability in the market.鈥�
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