Canadian pension investment manager British Columbia Investment Management Corp. and Abu Dhabi's sovereign investor Mubadala Investment Co. became anchor investors in Cube Highways Trust on Wednesday.
The infrastructure investment trust announced the listing of its fully subscribed, privately placed shares at $630 million, or Rs 5,225 crore.
In its first tranche, the InvIT will hold a combination of 17 of the 18 National Highways Authority of India's toll road assets and one of its NHAI annuity road assets, according to a statement released by Cube.
These assets, with an average length of 1,423.6 kilometres, are spread across 11 states—Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.
The trust has also secured a right of first offer, giving them the opportunity to access a pipeline of seven additional highway assets.
The fund had a total revenue of Rs 14,559 million for the seven-month period ended Oct. 31, 2022, and Rs 21,572 million for the financial year ended March 31, 2022.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
