 "NHAI seeks Sebi nod to raise Rs 100 bn via bonds to finance Bharatmala")
The National Highways Authority of India (NHAI) has filed draft papers with markets regulator Sebi to raise up to Rs 100 billion through bonds to finance its various projects.
NHAI has filed papers for "public issue of taxable, secured redeemable non-convertible bonds in the nature of debentures up to Rs 10,000 crore (Rs 100 billion)".
The funds will be used through the issuance of bonds in one or more tranches.
Proceeds of the issue will be utilised towards part financing of different projects, including Bharatmala Pariyojana as well as other operational, administrative and financial purposes, the draft papers filed with Sebi showed.
Under the Bharatmala Pariyojana, government plans to build 50 new national corridors and connect 550 district centres with national highways, focusing on optimising efficiency of freight and passenger movement across the country by bridging critical infrastructure gaps through effective interventions.