National Highways Authority of India $465 Million Masala Bonds Offering


DLA Piper has acted on the debut issuance by the National Highways Authority of India of its rupee denominated bonds and the listing of the bonds on the London Stock Exchange and Singapore Stock Exchange.

This was a benchmark transaction with INR 30 billion raised for a five year bond. It is the world’s largest such issuance to date.

The National Highways Authority of India is an autonomous authority of the Government of India under the Ministry of Road, Transport and Highways, which is responsible for the development, maintenance and management of the national highways infrastructure in India.

Until recently, the ability of Indian companies to borrow from the overseas market was predominantly limited to foreign currencies. This situation changed in 2015 when the Reserve Bank of India issued guidelines which allowed Indian issuers to raise funding through the issuance of rupee-denominated debt instruments.

The advent of masala bonds helps with economic ties across the Indian and UK markets.

Dla Piper advised with a team including Ronan Mellon (Picture) and Joywin Mathew.

Involved fees earner: Ronan Mellon – DLA Piper; Joywin Mathew – DLA Piper;

Law Firms: DLA Piper;

Clients: National Highways Authority of India;