The Electronic Bidding Platform of the National Stock Exchange (NSE) has witnessed over ₹1,000 crore worth of debt capital raised from seven issuances within the first fortnight of the launch of the platform.
The issuer entities were: Cholamandalam Investment and Finance Company (₹70 crore and ₹80 crore), Fullerton India Credit Company (₹70 crore), SIDBI (₹550 crore), The Great Eastern Shipping Company (₹300 crore), India Infoline Housing Finance (₹43 crore and ₹2.80 crore).
The Securities and Exchange Board of India (SEBI) recently made the use of electronic bidding platform mandatory for all private placements of debt securities in the primary market if the issue size is over ₹200 crore. Earlier, the limit was ₹500 crore.
SEBI has also allowed other classes of debt securities like commercial papers, certificate of deposits, municipal bonds and non-convertible redeemable preference shares, in addition to only corporate bonds, which was earlier allowed for fund raising through private placement.