Cube Highways Trust has raised Rs 8.6 billion ($103 million) from the International Finance Corporation (IFC) through long-term non-convertible debentures (NCDs) at a 7.67% coupon rate. The issuance includes an anchor investment of Rs 2.58 billion ($31 million) with a tenor of nearly 18 years.

The funds will be utilized for road development projects and future acquisitions. This investment is part of Cube InvIT’s larger Rs 48.98 billion ($587 million) debt plan, which supports its capital expenditures and tranche 2 road assets. In June 2024, the trust acquired six hybrid annuity model (HAM) projects for Rs 22.48 billion ($269 million). The remaining capital will be directed towards the acquisition of NAM Highway, expected to be finalized this quarter.

The financing underscores Cube Highways' strategic expansion in India's road sector, strengthening its position in infrastructure investment and asset acquisition.