9 firms to list commercial papers on BSE for Rs 15,149 crore issue size
- Country:
- India
Leading stock exchange BSE on Thursday said nine companies, including SBI Cards and Payment Services Ltd, NABARD, ICICI Securities Ltd and Mannapuram Finance, have filed applications with the bourse to list their commercial papers for a total issue size of Rs 15,149 crore. Adani Ports and Special Economic Zone Ltd, National Bank for Agriculture and Rural Development (NABARD), Kotak Mahindra Investments Ltd, ICICI Securities Ltd, Manappuram Finance Ltd made applications to list their CPs at BSE for issue size of Rs 6,750 crore, Rs 4,000 crore, Rs 1,507 crore, Rs 1,175 crore and Rs 825 crore, respectively, the exchange said in a release.
Besides, JM Financial Products Ltd, GIC Housing Finance Ltd, Standard Chartered Investments and Loans (India) Ltd and SBI Cards and Payment Services Ltd made applications to list CPs for issue size of Rs 487 crore, Rs 200 crore, Rs 105 crore and Rs 100 crore, respectively. After the process, the effective date of listing CPs with the bourse will be January 10, it added.
"Till date 70 issuers have done 558 issuances of commercial papers and have successfully listed CPs of Rs 1,67,239 crore on BSE. The weighted average yield of these issuances is 6.13 per cent with an average tenor of 150 days," BSE noted. A CP is an unsecured money market instrument issued in the form of promissory notes that enables highly rated corporate borrowers to diversify their sources of short-term borrowing and provides an additional instrument to investors.
Such instruments can be issued for maturities between a minimum of 7 days and a maximum of one year from the date of issue. CPs are usually issued at a discount from face value and reflect prevailing market interest rates.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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