National Highways Infra Trust NCD will open for subscription from 17 October 2022. the company aims for a base issue size of ₹750 Crores.
National Highways Infra Trust NCD
NHIT is a registered infrastructure investment trust under the InvIT Regulations. The company currently has a right to toll, operate and maintain a portfolio of five Initial Toll Roads in the Indian states of Gujarat, Rajasthan, Telangana, and Karnataka, and intends to toll, operate and maintain a portfolio of three Target Toll Roads in the Indian states of, Telangana, Maharashtra, Uttar Pradesh and Madhya Pradesh under the Toll Operate Transfer (“TOT”) model conceived by NHAI.
National Highways Infra Trust (“Trust”) was settled on October 19, 2020. The Trust was registered with SEBI on October 28, 2020, under Regulation 3(1) of the InvIT Regulations and has obtained a certificate of registration from SEBI bearing number IN/InvIT/20-21/0014. The Trust is an infrastructure investment trust established for making investments in special-purpose vehicles.
Objects of the Issue
- In the event that the Bridge Loan Facility has been drawn instead (whether partly or fully) (“Bridge Amount”) by the Trust, then the Trust proposes to utilize the Issue proceeds to such extent to repay the Bridge Amount.
- Infusion of debt into the Project SPV: The proceeds of the debt infused into the Project SPV shall be utilized by the Project SPV for (a) part payment of (i) the initial estimated concession value to the Sponsor, in terms of the Concession Agreements; (ii) initial improvement cost; (iii) major maintenance cost; and/or (b) creation and maintenance of major maintenance reserve, if any; and/or any (c) any general corporate purposes.
- General corporate purposes.
National Highways Infra Trust NCD Oct 2022 Details
| Issue Open | Oct 17, 2022 – Oct 18, 2022 |
| Security Name | National Highways Infra Trust |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 750.00 Crores |
| Issue Size (Shelf) | Rs 750.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | PROVISIONAL CARE AAA;Stable by CARE Ratings and PROVISIONAL IND AAA/Stable by India Ratings and Research Private Ltd |
| Tenor | 13 years, 18 years and 25 years |
| Series | Series I to III |
| Payment Frequency | Semi-Annual |
| Basis of Allotment | First Come First Serve Basis |
Coupon Rates
| Series 1 | Series 2 | Series 3 | |
|---|---|---|---|
| Frequency of Interest Payment | Semi-Annually | Semi-Annually | Semi-Annually |
| Nature | Secured | Secured | Secured |
| Tenor | 13 years | 18 years | 25 years |
| Coupon Rate (Retail) | 7.90% | 7.90% | 7.90% |
| Effective Yield (% per Annum) | 8.05% | 8.05% | 8.05% |
NCD Rating
The NCDs proposed to be issued under this Issue have been rated PROVISIONAL CARE AAA; Stable’ by CARE Ratings Limited for an amount of up to Rs 15,000 million by way of their letter dated August 25, 2022, and further revalidated on September 23, 2022, and rated as ‘PROVISIONAL IND AAA/Stable’ by India Ratings and Research Private Limited for an amount of up to Rs 15,000 million.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-21 | 0 | 0 | -0.68 |
| 31-Mar-22 | 7548.98 | 149.75 | 68.36 |
NCD Allocation Ratio
| Category | NCD’s Allocated |
|---|---|
| Institutional Investors | 25% |
| Non-Institutional Investors | 25% |
| HNI Investors | 25% |
| Retail Investors | 25% |
NCD’s Offered by Category
| Category | NCD’s Reserved |
|---|---|
| Institutional Investors | 1,875,000 |
| Non-Institutional Investors | 1,875,000 |
| HNI Investors | 1,875,000 |
| Retail Investors | 1,875,000 |
| Total NCD’s | 7,500,000 |
NCD Lead Manager
- JM Financial Consultants Private Limited
- A.K. Capital Services Limited
- ICICI Securities Limited
- SBI Capital Markets Limited
- Trust Investment Advisors Private Limited
National Highways Infra Trust NCD Registrar
KFin Technologies Limited
KFintech, Tower-B, Plot No 31 & 32,
Financial District, Nanakramguda, Gachibowli,
Hyderabad, Telangana India – 500 032.
Phone: 04067162222, 04079611000
Email: nhit.ncdipo@kfintech.com
Website: https://karisma.kfintech.com/
Company Contact Information
National Highways Infra Trust
G – 5 & 6, Sector 10,
Dwarka,
New Delhi – 110 075
Phone: +91 11 2507 6536
Email: nhit@nhai.org
Website: https://www.nhaiinvit.in/index.html
Final Thoughts
Non Convertible Debentures (NCD) are a better investment option for those who are looking for a diversified portfolio. investing in National Highways Infra Trust NCD is purely your personal choice. make a good study and analysis before you make the investment.
Happy Investing
