Sr. No.
Name of the Issue: Public Issue by National Highways Authority of India of tax free secured redeemable non convertible Bonds of face value
of Rs. 1,000/- each (Tranche - I)
(Issue Opening Date: January 15, 2014)
Last updated on : June 03, 2016
1
Type of Issue : Public Issue by National Highways Authority of India ("NHAI" or “Authority” or the “Issuer”) of tax free Bonds of face value of Rs. 1000 each in the nature of secured,
redeemable, non convertible debentures having benefits under section 10(15)(iv)(h) of the Income Tax Act, 1961, as amended (“Bonds”) for an amount of Rs. 1000 crores with an option to retain
oversubscription upto Rs. 3698.40 crores (“Tranche – I Issue”).
2
Issue size (Rs. crore): The Tranche - I Issue by the Issuer is of Bonds for an amount of Rs. 1000 crores with an option to retain oversubscription upto Rs. 2698.40 crores aggregating upto Rs.
3,698.40 crores. The Issuer has issued and alloted Bonds aggregating to Rs. 3,698.40 crores in the Tranche - I Issue. (Source: Minutes of the Meeting between NHAI; the Lead Managers; and the
Registrar dated February 4, 2014)
3
Rating of instrument alongwith name of the rating agency
(i) As disclosed in the offer document: 'CRISIL AAA/Stable' by CRISIL, 'CARE AAA' by CARE and "BWR AAA with Stable Outlook” by Brickwork
(ii) at the end of FY 2014: 'CRISIL AAA/Stable' by CRISIL, 'CARE AAA' by CARE and "BWR AAA with Stable Outlook” by Brickwork (Source: Half yearly reporting with the stock exchanges
dated June 04, 2014 )
(iii) at the end of FY 2015: CRISIL AAA/Stable' by CRISIL, 'CARE AAA' by CARE and "BWR AAA with Stable Outlook” by Brickwork (Source: Half yearly reporting with the stock exchanges
dated May 26, 2015 )
(iv) at the end of FY 2016: CRISIL AAA/Stable' by CRISIL, 'CARE AAA' by CARE and "BWR AAA with Stable Outlook” by Brickwork (Source: Half yearly reporting with the Debenture
Trustee dated June 02, 2016 )
4
Whether the security created is adequate to ensure 100% asset cover for the debt securities (See Regulation 26 (6) of SEBI (Issue and Listing of Debt Securities) Regulations, 2008):
Yes (Source: Certificate dated May 18, 2016 obtained from the Statutory Auditor of NHAI)
5
Subscription level (number of times): After considering the cheque returns and technical rejections (before excluding partial refund), the Issue was subscribed 4.0355 times the Base Issue Size
and 1.0912 times the Issue Size. (Source : Minutes of the Meeting between the Issuer; the Lead Managers; and the Registrar dated February 4, 2014).
6
Financials of the Issuer (as per the annual financial results submitted to stock exchanges under Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015
Rs. (In Lakhs)
Parameters
1st FY ( FY 2014)** 2nd FY (FY 2015)#
3rd FY (FY
2016)##
Income from operations
Not Applicable
Not Applicable
Net Profit for the period
-19,375.83
-20,643.43
-13,304.82
Capital*
92,703.78
10,451,840.29
125,57,639.68
45.46
45.46
748.68
Reserves excluding revaluation reserves
Not Applicable
* NHAI does not have equity capital. NHAI's Capital includes funds provided by the GOI but excludes Capital Grants
**Audited results for the year ended March 31, 2014
# Audited results for the year ended March 31, 2015
## Limited Review Results for the half year ended March 31, 2016 as filedwith the stock exchanges
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Status of the debt securities (whether traded, delisted, suspended by any stock exchange, etc.)
(i) at the end of FY 2014: Listed and Traded on BSE Ltd. and National Stock Exchange of India Ltd. (Source: http://www.bseindia.com/ http://nseindia.com)
(ii) at the end of FY 2015: Listed and Traded on BSE and NSE.
(Source: http://www.bseindia.com/ http://nseindia.com)
(iii) at the end of FY 2016: Listed and Traded on BSE and NSE.
(Source: http://www.bseindia.com/ http://nseindia.com)
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Change, if any, in directors of issuer from the disclosures in the offer document
(i) at the end of FY 2014: Nil (Source: NHAI)
(ii) at the end of FY 2015: Nil (Source: NHAI)
(iii) at the end of FY 2016: As mentioned under material developments below (Source: NHAI)
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Status of utilization of issue proceeds (as submitted to stock exchanges under Regulation 52(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(i) As disclosed in the offer document: The objects of NHAI as specified in NHAI Act permits it to undertake its existing activities as well as the activities for which the funds are being raised
through the Issue. Issuer intends to deploy the Issue proceeds towards part financing of the various projects being implemented by NHAI under the National Highways Development Programme
and other National Highway projects as approved by the Government of India.
(ii) Actual utilization: NHAI has spent the entire amount of Rs. 3698.40 Crores toawrds the said Object. (Source: NHAI)
(iii) Reasons for deviation, if any: Not Applicable (Source: NHAI)
10
Delay or default in payment of interest/ principal amount (See Regulation 23 (5) of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and Regulation 52(4) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (Yes/ No) (If yes, further details of the same may be given)
(i) Disclosures in the offer document in terms of issue: The Bond Trustee will protect the interest of the Bondholders in the event of default by the Issuer in regard to timely payment of interest and
repayment of principal and they will take necessary action at the Issuer’s cost
(ii) Delay in payment from the due date: No (Source: Half yearly reporting with the Debenture Trustee dated June 02, 2016 )
(iii) Reasons for delay/ non-payment, if any: Not Applicable
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Any other material information:
(i) Mr. R.K. Pandey assumed charge as Member (Project)
(ii) Mr. V. Chibber relinquished the charge on his retirement
(iii) Mr. A.K. Singh assumed the charge as Member (Project)
(iv) Mr. Neeraj Verma, IAS, assumed the charge as Member (PPP)
(v) Mr. M.P. Sharma, Member (Technical) relinquished the charge
(Source: NHAI)