Cube Highways Trust to launch block deal worth Rs 1,600 crore on Thursday

The base deal size is approximately $200 million at the floor price, with an option to upsize.

Sucheta Anchaliya

September 18, 2024 / 19:41 IST

Cube Highways Trust (the Trust) is an India-based infrastructure investment trust (InvIT) in the roads and highways sector.

Cube Highways Trust, one of India’s largest private-sector toll road operators, is set to launch a block deal worth Rs 1,675 crore (approximately $200 million) on Thursday, September 19, sources close to the development told Moneycontrol.

The sellers involved in the transaction include Cube Highways and Infrastructure Pte. Ltd., Cube Highways and Infrastructure II Pte. Ltd., Cube Mobility Investments Pte. Ltd., and Cube Highways and Infrastructure I-D Pte. Ltd.

The floor price has been set at Rs 120 per unit. The base deal size is approximately $200 million at the floor price, with an option to upsize. The base deal consists of around 139.8 million units, representing approximately 10.8 percent of the total outstanding units.

Cube Highways Trust has appointed Axis Capital and JP Morgan as investment bankers for the transaction.

In a recent development, it was also reported that Cube Highways, the I Squared Capital-backed roads platform, has emerged as the frontrunner to acquire quasi-sovereign wealth fund National Investment and Infrastructure Fund’s (NIIF) maiden roads portfolio, Athang Infrastructure, for an enterprise value of Rs 6,000-6,500 crore (approximately $715-775 million).