National Highways Infra Trust NCDs Issue Opens on October 17

• Public Issue of Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs. 1,000 each (comprising 3 (three) separately transferable and redeemable principal parts (“STRPP”) namely 1 STRPP A of face value of Rs 300/-, 1 STRPP B of face value of  Rs 300/- and 1 STRPP C of face value of Rs 400/-)

• The NCD Issue includes a Base Issue Size of Rs. 750 crores with an option to retain oversubscription up to Rs 750 crore aggregating up to Rs. 1500 crores

• NCD Issue rated as CARE AAA/Stable by CARE Ratings Limited and IND AAA/Stable by India Ratings and Research Private Limited

• Effective Yield 8.05% p.a. and Coupon rate of 7.90% p.a. payable semi-annually#

• NCD Issue opens on Monday, October 17, 2022 and closes on Monday, November 7, 2022 with an option of early closure

• For each NCD allotted, the investors will be allotted 3 STRPPs of different ISINs which are individually tradable post listing

• The NCDs are proposed to be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)

• Allotment on first-come-first-serve basis

Chennai: National Highways Infra Trust (“NHIT”), a registered infrastructure investment trust under the InvIT Regulations, sponsored by NHAI (an autonomous authority of the Government of India) has filed a prospectus dated October 11, 2022 (“Prospectus”) for public issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of Rs. 1,000 each (comprising of 3 (three) separately transferable and redeemable principal parts (“STRPP”) namely 1 STRPP A of face value of Rs 300/-, 1 STRPP B of face value of Rs 300/- and 1 STRPP C of face value of Rs 400). The Issue opens on Monday, October 17, 2022 and closes on Monday, November 7, 2022 with an option of early closure.

The proposed issue has a base issue size of Rs. 750 crores with an option to retain oversubscription up to Rs. 750 crores, aggregating up to Rs. 1,500 crores (“Issue”). The NCD issue offers coupon rate of 7.90% p.a. payable semi-annually and Effective Yield of 8.05%per annum for NCD holders in all categories. The NCDs are proposed to be listed on BSE and NSE (collectively, the “Stock Exchanges”) with BSE as the Designated Stock Exchange for the Issue. The NCDs have been rated ‘CARE AAA/Stable’ by CARE Ratings Limited and ‘IND AAA/Stable’ by India Ratings and Research Private Limited.

The minimum application size would be Rs 10,000 (i.e. 10 NCDs) and thereafter in multiples of Rs 1,000 (i.e. 1 NCD) thereof. For each NCD allotted, the investors will be allotted 3 STRPPs of different ISINs which are individually tradeable post listing. The NCDs are being issued in form of STRPP A with tenor of 13 years, STRPP B for tenor of 18 years, and STRPP C for tenor of 25 years. Interest payments is through various modes available.

The Net Proceeds are proposed to be utilized towards infusion of debt into the Project SPV of NHIT, repayment of the bridge loan facility of NHIT (availed, if any), and general corporate purposes. The Infusion of funds will help the Project SPV of NHIT meet the obligations under the Concession Agreements and allow the Project SPV of NHIT to acquire necessary rights under the Concession Agreement.

Lead Managers for the Issue are JM Financial Limited, A.K. Capital Services Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Trust Investment Advisors Private Limited. The credit rating agencies appointed are CARE Ratings Limited and India Ratings and Research Private Limited. Registrar to the Issue is KFin Technologies Limited.

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