VAH Secures $316 Million Through Oversubscribed Bond Issue

Varanasi Aurangabad NH-2 Tollway Private Limited (VAH) successfully raised $316.3 million through a heavily oversubscribed bond issuance for expanding and maintaining a key highway. The bonds, with a 5.90% coupon rate, were well-received by global investors, highlighting strong confidence in VAH and Roadis' innovative financing strategies.

Varanasi Aurangabad NH-2 Tollway Private Limited (VAH) has successfully raised $316.3 million by issuing dollar-denominated bonds, the company confirmed on Wednesday.

The VAH, managed by Roadis, oversees the operations and expansion of the Varanasi-Aurangabad highway. The bonds, sporting a 5.90% coupon rate, will mature in about nine years, supporting refinancing and capital expenditure efforts.

The bond sale saw significant interest from international investors, with the order book exceeding $3.3 billion — an oversubscription of 10.4 times.