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Cube Highways Infrastructure Investment Trust got listed in the Indian market on Wednesday. Veteran global investors such as Canada’s pension fund manager company British Columbia Investment Management Corporation (BCI) and Abu Dhabi’s sovereign investment firm Mubadala Investment Company (Mubadala) have already shown confidence in this Invit of Cube Highways.
So many crores raised from InvIT
Cube Highways InvIT of Cube Highways Trust has raised about $630 million i.e. Rs 5,225.82 crore from investors. British Columbia Investment Management Corporation and Mubadala Investment Company are the anchor investors of this trust. There were already reports that both these global firms could become anchor investors in the proposed InvIT of Q Highways.
Money will be used here
The amount raised from the InvIT will be used to repay some of the loan installments for road projects. Apart from this, the fund can also be used for prepayment of some loans. According to the information given to SEBI, out of this, about Rs 3,802.5 crore will be used to repay the loan installments. This fundraising also includes sale of units by existing shareholders worth Rs 1,423 crore. The remaining amount will be used for the work related to the issue ie InvIT.
These are the current shareholders
Current shareholders of Cube Highways include Japan Highways International BV, Abu Dhabi Investment Authority and I Squared Capital.
Such is the portfolio of Inivt
The InvIT has a diverse portfolio of 18 toll and annuity road assets with a total length of 1,423.60 kms. InvIT will have 17 NHAI Toll Roads and one NHAI Annuity Road in the first tranche of assets. These road assets are located in 11 states of Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal. Apart from these, the Cube Highways Trust will also have rights to access seven proposed highway assets.
important milestone
Cube Highways Funds Advisors Private Limited acted as the investment manager for this InvIT. Speaking about the InvIT, UK Independent Director of the company UK Sinha said, “This is a significant milestone in the development of India’s infrastructure sector and InvIT in particular.
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