Cube Highways likely to raise Rs 3,500 crore from SBI

MUMBAI: Singapore-based Cube Highways is raising about Rs 3,500 crore from the State Bank of India to fund its purchase of long-term toll collection rights under the toll-operate-transfer (TOT) model, two people with direct knowledge of the matter told ET.

So, some projects are achieving financial closure at lower rates of debt cost than they did six months ago, with surplus liquidity leading high-street banks to take a call on big-ticket advances. While the central bank slashed its benchmark repo rate to record lows, the banking system is Rs 3.54 lakh crore surplus.

“After intermittent delays, Cube is set to make the financial closure of this TOT 3 award, paying the NHAI,” said one of the persons cited above.