NHAI to raise up to Rs.1,000 cr via bonds

The National Highway Authority of India (NHAI) plans to raise funds up to Rs.1,000 crore through public issue of tax-free, secured redeemable non-convertible bonds.

The issue will open on Thursday and is scheduled to close on December 31, 2015, with an option of early closure, it said in a statement.

“The funds raised through this issue will be utilised to part finance various ongoing projects under the NHDP., it added.

Coupon rate

The bonds will have a face value of Rs.1,000 each. The company has an option to retain oversubscription of up to additional Rs.9,000 crore aggregating up to a total of Rs. 10,000 crore.

The coupon rate for Category I, Category II and Category III investors — Qualified Institutional Buyers, Corporates and High Net worth Individuals — will be 7.14 per cent and 7.35 per cent for tenures of 10 years and 15 years in series IA and series IIA respectively.

The coupon rate for Category IV investors — Retail Individual Investors — will be 7.39 per cent in series IB and 7.60 per cent in series IIB for tenures of 10 years and 15 years, respectively, it added.

NHAI said the retail individual investors are being offered 0.25 per cent more than other category of investors for bonds of corresponding tenure.

The bonds are proposed to be listed on the BSE Limited and NSE. — PTI

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