Cube Highways and Infra InvIT raises Rs 5,226 cr from BCI, Mubadala

Cube Highways and Infrastructure (Cube), a Singapore-based company investing in road and highway projects, has raised Rs 5,226-crore through a privately placed infrastructure investment trust (InvIT). Canadian pension investment manager British Columbia Investment, Abu Dhabi’s sovereign investor Mubadala and domestic institutional investors subscribed to the offering, the company said in a release. Through the InvIT, Cube has raised Rs 3,803 crore in fresh capital.

The remaining Rs 1,423 crore was secondary share sale by sponsor Cube, which is backed by I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, International Finance Corporation, and a consortium of Japanese investors. The InvIT has an initial portfolio of assets that comprise 18 road assets, aggregating to 1,424 kilometers, located across 11 states in India. Cube is the first privately placed InvIT launched in 2023. According to investment bankers, at least half a dozen privately placed InvITs are waiting to hit the markets over the next 3- 6 months.