Business EconomyPosted at: Feb 26 2025 5:42PM


VAH becomes 1st Indian road concession company to raise financing through USD 316.3 mn dollar-denominated bond issuance

New Delhi, Feb 26 (UNI) Varanasi Aurangabad NH-2 Tollway Private Limited (VAH), a ROADIS project responsible for the expansion to six lanes, operations and maintenance of the 192-km highway from Varanasi to Aurangabad, has successfully raised USD 316.3 million through a dollar-denominated bond issuance, official sources said on Wednesday.
The bonds have a coupon rate of 5.90 percent and will mature in close to nine years. The funds raised will be used for refinancing and capital expenditure.
The bond offering received an overwhelming response from global investors, with the order book peaking at over USD 3.3 billion, reflecting an oversubscription of approximately 10.4 times. The issuance saw participation from 144 investors across key international markets, underscoring the strong investor confidence in VAH’s financial position and long-term growth prospects.
The stretch, which enhances connectivity between Uttar Pradesh and Bihar, is one of the three highway projects under the build-operate-transfer (BoT) model managed by ROADIS in the country.
VAH has set a new milestone in the Indian road sector, by becoming the first Indian road concession company to raise US dollar-denominated debt in the international capital markets to obtain investment grade ratings from Moody’s and Fitch.
ROADIS chief executive officer José Antonio Labarra has expressed satisfaction with the successful bond issuance.
"India is a principal key market for us, and this successful bond issuance underscores our unwavering long-term commitment to the country. The financing of VAH showcases our capacity to find innovative financing solutions," he said in a statement.
Deutsche Bank acted as the Sole Global Coordinator on the transaction, and as joint book-runners along with HSBC and Societe Generale.
The VAH is a concession responsible for the expansion to six lanes, operations and maintenance of the Varanasi–Aurangabad section of NH-2 from 786 km to 978.4 km (length 192.4 km) in Uttar Pradesh and Bihar on design, build, finance, operate and transfer (DBFOT) toll basis under NHDP Phase-V. VANTPL is fully controlled by ROADIS.
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