Archive · 4 Oct 2026
Cube Highways Trust Raises ₹1,150 Crore Through AAA-Rated NCDs
Cube Highways Trust raised ₹1,150 crore by selling a type of investment called non-convertible debentures.
These investments pay interest at 7.50% per year, in quarterly payments, for five years.
Axis Bank and ICICI Bank were the institutional investors that subscribed.
The bidding took place on an electronic platform and ended on September 28, 2026.
The trust plans to use the money to repay some existing borrowing or commercial papers.
It may also use the funds for capital projects and maintenance.
The fundraising is part of a larger financing programme approved for Cube InvIT.
That programme allows it to raise up to ₹4,500 crore through different forms of borrowing.
Cube Highways Trust raised ₹1,150 crore through senior, secured, listed, rated, redeemable non-convertible debentures.
The NCDs carry a 7.50% annual coupon, payable quarterly, and have a five-year tenor.
The Investment Manager conducted the issuance through the NSE Electronic Bidding Platform; bidding concluded on September 28, 2026.
Axis Bank subscribed to ₹550 crore and ICICI Bank to ₹600 crore, each through anchor and non-anchor allocations.
The proceeds may refinance outstanding senior debt or commercial papers and fund project-company capital expenditure and maintenance.
- Who
- Cube Highways Trust, managed by Cube Highways Fund Advisors Pvt. Ltd.; Axis Bank Limited and ICICI Bank Limited subscribed.
- What
- The trust raised ₹1,150 crore through five-year NCDs carrying a 7.50% annual coupon.
- When
- Bidding concluded on September 28, 2026; the article was published October 4, 2026.
- Where
- Through the NSE Electronic Bidding Platform.
- Why
- To refinance outstanding senior debt facilities and/or commercial papers, and fund capital expenditure and maintenance for Project SPVs.
- Amount raised
- ₹1,150 crore
- Coupon
- 7.50% per annum, payable quarterly
- Tenor
- Five years
- Axis Bank allocation
- ₹550 crore: ₹165 crore anchor and ₹385 crore non-anchor
- ICICI Bank allocation
- ₹600 crore: ₹180 crore anchor and ₹420 crore non-anchor
- Bidding conclusion
- September 28, 2026
- Broader financing programme
- Up to ₹4,500 crore across one or more tranches