Bharatmala bonds to debut in October

Bharatmala bonds to debut in October

The first retail bond to raise funds for Bharatmala Programme is likely to hit the domestic market in October this year. The bond will be issued by the National Highways Authority of India (NHAI) and titled as ‘Bharatmala Bond’ to raise around Rs 3,000 crore.

“NHAI has AAA rating. I will be going to the US to raise funds. I will be coming to Mumbai in October to launch bonds in the domestic market. My wish is that if foreign investments are coming in, its good, but I want common people to contribute too.

I want to make highways from your money (investments),” said Minister of Road Transport and Highways (MoRTH) Nitin Gadkari. With a coupon of 8.50%, the ministry is confident to raise approximately Rs 3,000 crore in size.

“For retirement purposes, people invest in banks where you get 6% interest on your deposits. I will give you 2.50% more. I will give you 8.50% interest per annum for a period of five years and the interest will be paid out monthly,” said Gadkari. Read More

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