NHAI eyes Rs. 30-bn road infra funds via bond market
DME Development, a unit of the National Highways Authority of India (NHAI), is planning to generate Rs. 30 billion ($360.74 million) by tapping the bond market for the first time in this financial year. DME is a special-purpose vehicle created by the NHAI in August 2020 for the construction of the greenfield Delhi-Mumbai Expressway, that passes through the states of Delhi, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra. In March, DME successfully raised 23.55 billion rupees through 10-year bonds at a semi-annual coupon of 7.89%. In February, it raised 36.84 billion rupees through 10-year bonds at a semi-annual coupon of 7.82%. The company is now looking to raise around Rs 30 billion through issuance of 10-year bonds and may consider inviting bids for the issue later this month.
📅Published on:
16 October 2023
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