Why is in news? NHIT to raise ₹1,500 crore via non-convertible debentures
National Highways Infrastructure Trust (NHIT), a registered infrastructure investment trust under the InvIT Regulations and sponsored by the NHAI, has filed its draft prospectus with SEBI to raise ₹1,500 crore by issuing non-convertible debentures.
Debentures - A debenture is a marketable security that businesses can issue to obtain long-term financing without needing to put up collateral or dilute their equity. A debenture is a type of long-term business debt not secured by any collateral.
Convertible Vs Non-Convertible debentures: Convertible debentures are debentures that can be converted into equity of the company. In case of non-convertible debentures, they cannot be converted into equity shares of the company.
The National Highways Authority of India or NHAI is an autonomous agency of the Government of India, set up in 1995 under the National Highways Authority of India Act, 1988 and is responsible for management of a network of over 50,000 km of National Highways out of 1,32,499 km in India.
It is a nodal agency of the Ministry of Road Transport and Highways.
NHAI has signed a memorandum of understanding (MoU) with the Indian Space Research Organisation and the North East Centre For Technology Application and Research (NECTAR) in 2016 that allowed the use of spatial technology for highways monitoring. It is the first law making institution which made as digital.
It has been entrusted with the National Highways Development Project, along with other minor projects for development, maintenance and management.
NHAI maintains the National Highways network to global standards and cost effective manner and promotes economic well being and quality of life of the people.
It has completed construction of 3,979 km of national highways in the financial Year 2019-20.
NHAI has mandated development of about 27,500 km of national highways under Bharatmala Pariyojna Phase-I.
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