NHAI arm, DME development raises Rs 775 crore through green bonds
The aggregate size of the issue was Rs 775 crore with a base issue size of Rs 500 crore and a green-shoe option to retain oversubscription up to Rs 275 crore, with a yield of 7.23 percent per annum.
NHAI arm, DME development raises Rs 775 crore through green bonds
DME Development Limited (DMEDL), a subsidiary of the National Highways Authority of India (NHAI), has successfully raised Rs 775 crore through the issuance of green bonds focused on the roads and highways sector, according to an official statement released on Monday.
The proceeds from these green bonds will be used for various activities, including avenue and median planting, the construction of animal underpasses, natural stormwater drainage systems, solar-powered streetlights, waste recycling and reuse, and rainwater harvesting.
NHAI Chairman Santosh Kumar Yadav stated, "This pioneering initiative in the roads and highways sector will set a benchmark and encourage participation from a diverse array of investors."
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N R V V M K Rajendra Kumar, Member (Finance), NHAI, and Chairman, DMEDL, said: "The robust demand for green bonds and successful issuance demonstrates the confidence of investors in DMEDL and NHAI and encouragement of our commitment to balance infrastructure growth and environment sustainability for a holistic development."
The aggregate size of the issue was Rs 775 crore with a base issue size of Rs 500 crore and a green-shoe option to retain oversubscription up to Rs 275 crore, with a yield of 7.23 percent per annum.
Incorporated in August 2020, DME Development Ltd is a wholly-owned Special Purpose Vehicle (SPV) of NHAI for financing, construction, and operation of the Delhi-Mumbai Greenfield Expressway.
DMEDL aims to raise about Rs 48,000 crore from banks and the financial market through loans and bonds and has successfully raised around Rs 43,000 crore for the implementation of the flagship Delhi-Mumbai Expressway project.
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