NHAI’s wholly-owned Special Purpose Vehicle DME Development Limited Rs. 500 crore will issue bonds with a base issue size of Rs. There will be a green-shoe option to maintain oversubscription of up to Rs 500 crore, NHAI said on Thursday.
The proceeds from the issue of ‘Green Bonds’ will be used for activities like
Expenditure on avenue plantation, median tree plantation, construction of cattle underpass, natural rainwater drains, streetlights on renewable energy (solar), waste recycling and reuse and rainwater harvesting, he added.
“Green bonds will help encourage investment in eco-friendly projects, particularly in the road and highway sector, and facilitate long-term cost savings by reducing energy consumption and reducing the impact of vehicle emissions on the environment,” Santosh Kumar Yadav, Chairman. , NHAI said.
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NHAI is of the view that this issue will help enhance DMEDL financial performance in terms of overall cost of debt and diversify the investor base by attracting ‘environmental, social and governance’ focused investors.
DMEDL appointed Care Edge Analytics as the third-party reviewer for the bond issue.
DMEDL has raised from banks and financial markets through loans and bonds around Rs. 48,000 crore and has so far spent around Rs. 42,000 crore has been collected.
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