Food Corporation Of India Raises Rs 8,000 Crore On BSE’s Bond Platform
State-run Food Corporation of India raised Rs 8,000 crore by issuing bonds on private placement basis on BSE’s electronic book mechanism platform.
In total, 247 bids for Rs 20,071.2 crore were received on BSE BOND Platform, which is the second-highest bids ever received for yield based bidding, the exchange said in a statement.
BS Mohapatra, Executive Director (Finance) at FCI said the platform's convenience, user-friendly feature and support from BSE team smoothened the entire bidding and fundraising process.
“I am delighted that FCI is able to raise Rs 8,000 crore successfully using BSE BOND platform...BSE firmly believes that Indian bond market is tapping ample potential for sizeable growth and India is parking its domestic savings in the most judicious manner,” BSE Chief Executive Officer and Managing Director Ashishkumar Chauhan said.
The platform was launched on July 1, 2016 to facilitate online bidding for private placement of debt securities. Since then, companies have garnered over Rs 9 lakh crore through the exchange mechanism.
The platform, which allows all categories of investors to place bids, helps bring in transparency and efficiency in price discovery for private placement of debt securities.