10 March 2025
Linklaters advises on Varanasi Aurangabad Highway’s US$316.3m bond issuance
Linklaters acted for the joint bookrunners on the US$316.3m bond issuance by Varanasi Aurangabad NH-2 Tollway (NH2), a road entity owned by ROADIS Group and indirectly by PSP Investments, marking its debut in the international bond market.
NH2 became the first Indian toll road concession company to raise US dollar-denominated debt in the international capital markets and to obtain investment grade by Moody’s and Fitch. The offering saw strong demand, attracting investors from international markets in a strong show of confidence in NH2’s prospects.
NH2 is responsible for the operation and maintenance of the 192km Varanasi-Aurangabad highway in India. The NH2 toll road is also part of the “Golden Quadrilateral”, a national highway network connecting most of the major industrial, agricultural and cultural centers of India. The proceeds from the transaction will be used for refinancing and capital expenditure.
The Linklaters team was led by Partner and Head of India Practice Amit Singh and capital markets partner Michele Discepola, with support from managing associate Calvin Soon and associate Carina Kam.
Linklaters has an established track record as the leading Indian capital markets practice, offering technical expertise and commercial awareness to create novel solutions for maximising investment opportunities. The team supports international clients and leading Indian corporates as they invest both within and outside India across equity and debt capital markets, such as the landmark high yield debut for Biocon Biologics and the recent IPO for Sai Life Sciences.
NH2 became the first Indian toll road concession company to raise US dollar-denominated debt in the international capital markets and to obtain investment grade by Moody’s and Fitch. The offering saw strong demand, attracting investors from international markets in a strong show of confidence in NH2’s prospects.
NH2 is responsible for the operation and maintenance of the 192km Varanasi-Aurangabad highway in India. The NH2 toll road is also part of the “Golden Quadrilateral”, a national highway network connecting most of the major industrial, agricultural and cultural centers of India. The proceeds from the transaction will be used for refinancing and capital expenditure.
The Linklaters team was led by Partner and Head of India Practice Amit Singh and capital markets partner Michele Discepola, with support from managing associate Calvin Soon and associate Carina Kam.
Linklaters has an established track record as the leading Indian capital markets practice, offering technical expertise and commercial awareness to create novel solutions for maximising investment opportunities. The team supports international clients and leading Indian corporates as they invest both within and outside India across equity and debt capital markets, such as the landmark high yield debut for Biocon Biologics and the recent IPO for Sai Life Sciences.
