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7 firms to list their commercial papers on BSE for over Rs 876 crore issue size

7 firms to list their commercial papers on BSE for over Rs 876 crore issue size

Leading stock exchange BSE on Tuesday said seven companies, including Birla Group Holdings Pvt Ltd, ICICI Securities Ltd, Standard Chartered Investments and Loans(India) Ltd, have filed applications to list their commercial papers (CPs) with the bourse for a total issue size of over Rs 876 crore. Birla Group Holdings Private Ltd, ICICI Securities Ltd, Tata Steel Downstream Products Ltd and Standard Chartered Investments and Loans (India) Ltd made applications to list their CPs with the exchange for issue size of Rs 300 crore, Rs 300 crore, Rs 100 crore and Rs 80 crore, respectively, the exchange said in a release.

Besides, TV18 Broadcast Limited, Trust Investment Advisors Pvt Ltd, IIFL Wealth Finance Limited made applications to list their CPs at BSE for issue size of Rs 50 crore, Rs 40 crore and Rs 6.25 crore, respectively, it said. After the process, the effective date of listing the CPs with the exchange will be January 15, 2020, it added.

"Till date 80 issuers have done 640 issuances of commercial papers and have successfully listed CPs of Rs 1,89,070 crore on BSE. The weighted average yield of these issuances is 6.13 per cent with an average tenor of 149 days," BSE noted. On Monday, 13 firms had listed their commercial papers with the bourse for a total issue size of Rs 15,210 crore, according to a release.

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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