Latest news with #VinaySekar
Time of India
6 days ago
- Business
- Time of India
Cube Highways Trust declares total distribution of ₹11 per Ordinary Unit for FY25
Cube Highways Trust ( Cube InvIT ) said its consolidated income grew 12.3 percent to ₹3,453 crore in FY25. Cube Highways Trust (Cube InvIT), managed by Cube Highways Fund Advisors Pvt Ltd, has approved a Distribution Per Unit (DPU) of ₹3.75 for the quarter, payable to ordinary unitholders. The total distribution for the quarter amounts to ₹500 crore. This distribution comprises ₹1.96 per unit as interest, ₹0.32 per unit as dividend, ₹1.46 per unit as repayment of SPV loan and ₹0.01 per unit as treasury income. The annual DPU of ₹11 declared for FY25 translated into ₹1,468 crore. The distribution comprises ₹5.71per unit as interest, ₹0.55 per unit as dividend, ₹4.71 per unit as repayment of SPV loan and ₹0.03 per unit as treasury income. The annual DPU for FY24 was ₹10.09. During the year, traffic volumes grew by 6.2 percent while the Asset Under Management (AUM) grew 25 percent to ₹32,266 crore as of March 31, 2025. The Net Debt to Enterprise Value ratio was maintained at 44.65 percent, offering ample headroom for growth. 'Our diversified highway portfolio continues to deliver strong and predictable traffic growth and continues to receive accolades for its O&M quality. We have successfully executed our strategy of deploying our debt capacity by acquiring seven road assets and, in addition, have executed binding Share Purchase Agreements (SPAs) for two additional acquisitions. These acquisitions are accretive to unitholder yields and value and will simultaneously de-risk the portfolio," Vinay Sekar , CEO of Cube InvIT, The record date for the distribution is June 2, 2025, and the distribution payout will be made on or before June 9, 2025. Cube Highways Trust is backed by I Squared Capital , a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi's sovereign investor Mubadala Investment Company. The Trust operates and manages highway projects in association with the Central and state governments.
&w=3840&q=100)
Business Standard
25-04-2025
- Business
- Business Standard
Cube Highways Trust raises ₹1,152 cr through non-convertible debentures
Cube Highways Trust, an infrastructure investment trust (InvIT), raised ₹1,152 crore via the issuance of AAA-rated non-convertible debentures (NCDs). The InvIT issued the NCDs across two tenures – three-year and seven-year. The three-year series was raised at a coupon of 7.25 per cent with a premium over face value and a subscription of approximately 2.6 times the offer for refinancing of the existing rupee loan. The final participants included five mutual funds and a non-banking financial company (NBFC). The seven-year series was raised at a coupon of 7.3 per cent with a premium over face value and a subscription of approximately two times the offer for refinancing of an existing rupee loan. The final participants included four insurance companies, a pension fund, and an NBFC. Commenting on the transaction, Pankaj Vasani, group chief financial officer of Cube InvIT, said, 'The proceeds from this transaction are proposed to be used to refinance existing floating rate loans (thus does not increase overall debt outstanding) and aligns with our strategy of locking in fixed-rate borrowings during favourable movement of the interest rate cycle. Following this transaction, fixed-rate borrowings will constitute 28 per cent of our obligations and will lead to a reduction in the Trust's overall borrowing cost by 12 basis points.' Further, Vinay Sekar, chief executive officer of Cube InvIT, stated that the strong investor participation will further diversify the InvIT's funding sources, complementing existing relationships with banks and multilateral and development finance institutions. Established in 2022, Cube InvIT operates 25 assets worth ₹31,461 crore across 12 Indian states as of December 2024. Its assets' average residual concession period is about 19.6 years. Earlier, in February, the International Finance Corporation (IFC) invested ₹860 crore (approximately $98.35 million) in a sustainability-linked bond (SLB) issued by the InvIT. In the same month, the InvIT signed share purchase agreements (SPA) with the National Investment and Infrastructure Fund Limited (NIIF) to acquire two annuity-based road assets located in Jammy at an enterprise value of ₹4,184 crore. The InvIT is backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi's sovereign investor, Mubadala Investment Company.
