Allotment of 1,15,000 NCDs raising ₹1,150 crore at 7.50% coupon, maturing 2031

Cube Highways Trust has allotted 1,15,000 secured, rated, listed, redeemable NCDs of ₹1,00,000 face value each, raising ₹1,150 crore on a private placement basis.

Wed 30 Sep 2026

NCD Allotment Amount

₹1,150 crore

Number of NCDs Allotted

1,15,000 NCDs

Coupon Rate

7.50% per annum, payable quarterly

Maturity Date

September 30, 2031

Axis Bank Subscription

₹550 crore (₹165 crore Anchor, ₹385 crore Non-Anchor)

What was announced

The Board of the Investment Manager, by resolution passed by circulation on September 30, 2026, approved the allotment of 1,15,000 senior, secured, rated, listed, redeemable, non-convertible debt securities of face value INR 1,00,000 each, aggregating INR 1,150,00,00,000 (₹1,150 crore), to eligible investors on a private placement basis.

Key terms

• Coupon: 7.50% per annum, payable quarterly
• Tenor: five years; maturity date September 30, 2031
• Terms as per the Key Information Document dated September 24, 2026
• Issued through the NSE Electronic Bidding Platform; bidding concluded on September 28, 2026

Who subscribed

Institutional investors subscribed to the issue.

• Axis Bank Limited: ₹550 crore, of which ₹165 crore as Anchor Investor and ₹385 crore as Non-Anchor Investor
• ICICI Bank Limited: ₹600 crore, of which ₹180 crore and ₹420 crore respectively across the relevant allocations

Use of proceeds

The NCDs are proposed to be utilised towards refinancing, in part or in full, of outstanding senior debt facilities and/or commercial papers, and funding of capital expenditure and maintenance expenses in relation to the Project SPVs.

Context

The transaction forms part of a broader financing programme approved for raising financial assistance of up to ₹4,500 crore, across one or more tranches, through a combination of NCDs, commercial papers and/or rupee-denominated facilities. The press release describes the debentures as AAA-rated.

Related party note

Axis Bank Limited is a related party of Cube Highways Trust by virtue of being the promoter of Axis Trustee Services Limited, the Trustee of the Trust. The relevant related party transaction approvals of the Audit Committee and Board have been obtained.

How investors may read it

Raising long-tenor debt at a fixed 7.50% coupon, largely aimed at refinancing existing borrowings and funding project-level capex, is a routine treasury step for an InvIT. It adds a defined interest obligation until 2031, while potentially reshaping the maturity and cost profile of existing debt. Cube InvIT converted from a private listed InvIT to a public listed InvIT with effect from July 31, 2026.

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