NHAI Achieves Record Concession Value of Rs. 15,624.90 Crore in 'InvIT Round-3'
New Delhi: DME Development Limited (DMEDL), a fully-owned subsidiary of the National Highways Authority of India (NHAI), has successfully raised ₹775 crore through the issuance of its first-of-its-kind Green Bonds in the roads and highways sector. The groundbreaking initiative highlights a shift towards sustainable infrastructure development.
NHAI Chairman, Santosh Kumar Yadav, IAS, lauded the response to the bond issuance. “I am very pleased with the encouraging response and would like to thank the investors who supported this unique offering. This initiative sets a benchmark in the roads and highways sector and encourages diverse investor participation,” he said.
NRVVMK Rajendra Kumar, Member (Finance), NHAI and Chairman of DMEDL, emphasized the significance of the issuance. “The robust demand for Green Bonds demonstrates investors’ confidence in DMEDL and NHAI. It reinforces our commitment to balancing infrastructure growth with environmental sustainability for holistic development,” he stated.
The aggregate size of the issue was ₹775 crore, with a base issue of ₹500 crore and a green-shoe option to retain oversubscription up to ₹275 crore. The bonds, issued at a yield of 7.23% per annum, were successfully allocated under a closed bidding system.
Proceeds from the Green Bonds will fund environmentally sustainable activities, including:
Established in August 2020, DMEDL is a Special Purpose Vehicle (SPV) under NHAI tasked with financing, constructing, and operating the Delhi-Mumbai Greenfield Expressway. The SPV has received AAA ratings from CRISIL, CARE, and India Ratings, underlining its financial credibility.
As part of its broader funding strategy, DMEDL aims to raise ₹48,000 crore through loans and bonds, of which ₹43,000 crore has already been secured for the flagship Delhi-Mumbai Expressway project.
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