National Highways Infra Trust (NCD)
Oct 17, 2022 - Oct 17, 2022
| Price | ₹1000 - ₹1000 |
| Premium | ₹5 |
|---|---|
| Lot size | 1 |
| Allotment | Oct 25, 2022 |
| Listing | Oct 28, 2022 |
Issuer Highlights
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Experienced Sponsor with consistent track record in operating and maintaining projects in the roads and highways sector in India - NHAI is India’s national agency responsible for the development, maintenance and management of India’s national highways network.
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Sizeable portfolio of diversified long-term revenue generating Toll Road assets - The Concession Agreements provide the Project SPV the right to collect toll for the respective concession periods. The Initial Toll Roads have concession periods of 30 years and the Target Toll Roads have concession periods of 20 years. The diversified composition of traffic along the Toll Roads is expected to provide with stable cash flows.
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Presence in strategic regions/ Strategic geographic location of portfolio assets - The Toll Roads comprise eight stretches of toll roads located in the Indian states of Gujarat, Rajasthan, Telangana, Karnataka, Uttar Pradesh, Maharashtra and Madhya Pradesh. Each of the Toll Roads lie upon significant inter-city connection routes within the populous states as mentioned above, with captive passenger and commercial traffic.
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Experienced management team with industry experience - The Trust is managed by qualified personnel of the Investment Manager who have management and operational experience in the roads and highways sector.
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Growth opportunities and access to Sponsor’s portfolio. Through the relationship with the Sponsor, and in accordance with the approval granted by the Chairman of NHAI, by way of communication dated March 29, 2021, the Sponsor will offer around 1,500 km of roads in three (3) years of which the Target Toll Roads have been offered for acquisition by the Sponsor.
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Favourable Concession Agreements terms with Low Counterparty Risk and Inflation Passthrough.
| STRPPs | A | B | C |
|---|---|---|---|
| Frequency of Interest Payment | Semi - Annual | Semi - Annual | Semi - Annual |
| Minimum Application | ₹ 10,000 (10 NCDs/STRPPS) | ₹ 10,000 (10 NCDs/STRPPS) | ₹ 10,000 (10 NCDs/STRPPS) |
| In Multiples of thereafter (₹) | ₹ 1,000 (3 STRPPS) | ₹ 1,000 (3 STRPPS) | ₹ 1,000 (3 STRPPS) |
| Face Value/ Issue Price of NCDs/STRPPs (₹/ NCD) | ₹ 1,000 (STRPP A-₹300, STRPP B-₹300, STRPP C-₹400) | ₹ 1,000 (STRPP A-₹300, STRPP B-₹300, STRPP C-₹400) | ₹ 1,000 (STRPP A-₹300, STRPP B-₹300, STRPP C-₹400) |
| Type of Instrument | Secured NCDs | Secured NCDs | Secured NCDs |
| Tenor | 13 Years | 18 Years | 25 Years |
| Coupon (% per annum) for NCD Holders in Category I, Category II, Category III & Category IV | 7.90% | 7.90% | 7.90% |
| Effective Yield (% per annum) for NCD Holders in Category I, Category II, Category III & Category IV | 8.05% | 8.05% | 8.05% |
| Amount (₹ / NCD) on Maturity for NCD Holders in Category I, Category II, Category III & Category IV | ₹50 each in Last 6 Annual Payments, starting From 8th Year | ₹50 each in Last 6 Annual Payments, starting From 13th Year | ₹50 each in Last 8 Annual Payments, starting From 18th Year |
| Maturity / Redemption Date (from the Deemed Date of Allotment) (Assumed) | 14 November 2035 | 14 November 2040 | 14 November 2047 |
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