The bonds are rated AAA by CRISIL and CARE Ratings.
($1 = 82.7150 Indian rupees) (Reporting by Bhakti Tambe; Editing by Dhanya Ann Thoppil)
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: )) By Bhakti Tambe
MUMBAI, Feb 7 (Reuters) - DME Development, a unit of
National Highways Authority of India (NHAI), is planning to
raise at least 10 billion rupees ($120.90 million) through
bonds maturing in 10 years, a term sheet seen by Reuters showed.
Two merchant bankers also confirmed the issue.
The company is likely to invite bids from bankers and
investors in the last week of February. NHAI did not immediately
respond to an email from Reuters seeking comment.
DME Development is a special purpose vehicle created by NHAI
in August 2020 for construction of greenfield Delhi-Mumbai
Expressway passing through the States of Delhi, Rajasthan,
Madhya Pradesh, Gujarat and Maharashtra.
The proceeds of the proposed bond issue will be used to fund
a part of the capex required in 2022/23 and 2023/24, according
to the term sheet.
The issue will also have a greenshoe option to retain an
additional subscription of up to 40 billion rupees.
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