Partner With Us NRI

Offer Details

Issue Size (Rs.)​


Retail – 375cr​

HNI – 375cr​

Issue Price / Face Value (Rs.)​

1,000 split into ​

  • STRPP A – Rs. 300​
  • STRPP B – Rs. 300​​
  • STRPP C – Rs. 400

Minimum Application (Rs.)​

10,000 ​

(10 NCDs or ​

In multiples thereafter (Rs.)​


(1 NCD or ​

Coupon (%) ​

  • STRPP A – 7.90%​
  • STRPP B – 7.90%​
  • STRPP C – 7.90%​

Effective Yield (%)​​

  • STRPP A – 8.05%​​
  • STRPP A – 8.05%​​
  • STRPP A – 8.05%


  • STRPP A – 13 years​​
  • STRPP B – 18 years​​​
  • STRPP C – 25 years


  • STRPP A – 14th Nov 35​
  • STRPP B – 14th Nov 40​​​
  • STRPP C – 14th Nov 47

Interest Frequency​ ​


Maturity Amount​

  • STRPP A – Rs. 50 from 8th Yr.​
  • STRPP B – Rs. 50 from 13th Yr.​​
  • STRPP C – Rs. 50 from 18th Yr.​

Offer Period​

Open – 17th Oct 2022​​

Close – 18th Oct 2022*​​​​

Detailed Cash Flow

STRPP A – Click Here

STRPP B – Click Here

STRPP C – Click Here

What is STRPP?

It is the acronym of Separate Trading of Registered Principal Parts payment. STRPPS offers part payment of principal along with the interest of the bond after pre-defined number of years. NHIT will offer NCD of Rs. 1000 each which is divided into 3 STRPPS of (300,300 and 400 each). The cashflow is as follows: For Rs. 300 STRPP: Six annual payments of ₹50 each, starting from 8th Anniversary until Maturity For Rs. 300 STRPP: Six annual payments of ₹50 each, starting from 13th Anniversary until Maturity For Rs. 400 STRPP: Six annual payments of ₹50 each, starting from 13th Anniversary until Maturity

National Highway Infra Trust

NHIT is an Infrastructure Trust formed by NHAI. The InvIT was listed in November 2021. It has acquired three highway assets from NHAI in the last week of September, 2022. These Include: Currently, five road projects with a total stretch of 388.83 km, namely, Palanpur-Abu Road, Abu Road-Swaroopganj, Chittorgarh-Kota, Kothakota-Kurnool and Belgaum-Kagal are transferred to the InvIT. The InvIT, through a project SPV, NHIPPL, has entered into a concession agreement with NHAI for a period of 30 years on TOT basis. Infrastructure Investment Trust (InvIT) is a trust that owns, operates, and manages assets like roads, power plants, transmission lines, etc. and regulated by SEBI.

National Highway Infrastructure Trust – Financial Highlights

Consolidated Financials:

Total Operating Income: Rs. 139.42 Crs

EBITDA: Rs. 102.60 Crs

PAT: Rs. 68.36 Crs

Overall gearing: 0.25 Times

Interest coverage: 3.24 Times

Key Strengths

  • 1

    Right Mix of Operational Assets

    - The toll collection at the existing five assets was Rs. 139.42 Crs for 16 December 2021 to 31 March 2022, recording average daily collection of Rs. 1.32 Crs.

    - The toll collections increased to Rs.  229.78 Crs. in 5MFY23, resulting in 14.2% growth (over actual toll collections in FY22) in the average daily collection to Rs.

    1.50 Crs, majorly attributable to a 10% increase in the toll rates YoY effective 1 April 2022 and improved traffic post COVID-19 impact.

  • 2

    Strong Sponsor

    - The NHAI is a premier nodal agency responsible for the development of national highways in India; therefore, it is strategically important to the government of India (GoI).

    - Its tax exemption status and privilege to raise funds through Section 54EC capital gains bonds and tax-free bonds reiterate its importance to the GoI.

    - With the finance ministry’s focus on national monetisation pipeline, NHIT would play a key role in monetisation of road assets in the country

  • 3

    Concession agreement for 30 years (existing projects) and 20 years (additional projects) providing long-term revenue visibility

    - A 30-year concession agreement with NHAI for Operations & Maintenance (O&M) of assets on a TOT basis provides long-term revenue visibility.

    - NHAI has declared the appointed date for all the road assets as December 16, 2021; the toll collection has also commenced.

    - For additional three assets, NHIPPL will enter into a 20-year concession agreement with NHAI on a TOT basis, which provides long-term revenue visibility.

Key weaknesses

  • 1

    Inherent O&M and MM risk along with interest rate risk

    - The underlying assets are exposed to the inherent routine and periodic maintenance to be undertaken over the concession period.

    - O&M (both routine and periodic maintenance) of the project highways under InvIT will be carried out based on a pre-agreed mechanism in which the project manager would be responsible for O&M, and the same will be captured under the appropriate InvIT agreements.

    - The debt raised at InvIT level is at a floating rate of interest and is subject to a periodic reset, which exposes the Trust

    on account of any adverse change in the interest rates in the future.

  • 2

    Inherent traffic growth risk 

    - The toll revenues are a function of toll rates and traffic volumes.

    - Traffic volumes are directly or indirectly dependent on multiple factors, including location of the road project, growth in the automobile sector, affordability of automobiles, the quality, convenience and travel efficiency of alternative routes outside the network of toll roads, etc. 

Source: Draft Prospectus, Offer Document, Issuer's website, etc.

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