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).
Financial Performance
For the quarter ended June 2024, Cube Highways Trust's sales rose by 5.92 percent to Rs 827.25 crore. The trust reported a net profit of Rs 3.86 crore for the quarter ended June 2024, compared to a net loss of Rs 20.18 crore in the same period last year. Sales increased to Rs 827.25 crore in the June 2024 quarter, up from Rs 781.04 crore in the previous quarter ended June 2023.
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