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13 firms to list their commercial papers on BSE for Rs 4,750 crore issue size

13 firms to list their commercial papers on BSE for Rs 4,750 crore issue size

BSE on Friday said 13 companies, including SAIL, Reliance Jio Infocomm, Power Grid Corporation, have filed applications with the bourse to list their commercial papers (CPs) for a total issue size of Rs 4,750 crore. Power Grid Corporation Of India Ltd, Reliance Jio Infocomm Ltd, Britannia Industries Ltd, ICICI Securities Ltd, Steel Authority of India Ltd (SAIL), Balrampur Chini Mills Ltd, Kotak Mahindra Prime Ltd and JSW Steel made applications to list their CPs at BSE for issue size of Rs 1,200 crore, Rs 550 crore, Rs 500 crore, Rs 500 crore, Rs 500 crore, Rs 350 crore, Rs 300 crore and Rs 250 crore, respectively, BSE said in a release.

Besides, GIC Housing Finance Ltd, Axis Finance Ltd, ICICI Home Finance Company Ltd, Network18 Media & Investment Ltd and Redington (India) Ltd made applications to list CPs at BSE for issue size of Rs 200 crore, Rs 100 crore, Rs 100 crore, Rs 100 crore and Rs 100 crore, respectively, the stock exchange said. After the process, the effective date of listing CPs with the exchange will be January 20, it added.

"Till date 85 issuers have done 703 issuances of commercial papers and have successfully listed CPs of Rs 2,10,282 crore on BSE. The weighted average yield of these issuances is 6.10 per cent with an average tenor of 147 days," the exchange 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 borrowings 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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