off-the-wire

India New Issue-NHAI unit likely to raise around 13 bln rupees via 10-yr bonds in March - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Bhakti Tambe MUMBAI, Feb 28 (Reuters) - DME Development, a unit of National Highways Authority of India (NHAI), is likely to raise around 13 billion rupees ($157.19 million) through bonds maturing in 10 years, three merchant bankers said on Tuesday.


The company may invite bids from bankers and investors in March, for what will be its second bond issue in the current financial year. 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 the construction of the greenfield Delhi-Mumbai Expressway that passes 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 a term sheet. The bonds are rated AAA by CRISIL and CARE Ratings. Earlier this month, DME Development raised 36.84 billion rupees through bonds maturing in 10 years at a semi-annual coupon of 7.82%.


($1 = 82.7050 Indian rupees) (Reporting by Bhakti Tambe; editing by Eileen Soreng)

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