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Update: India's REC Issues INR5 Billion in Tokenized Corporate Bonds

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(Updates to add Taurus Group's statement in 6th paragraph)

Indian state-owned power sector financier REC (BOM:532955, NSE:RECLTD) issued 5 billion rupees in tokenized corporate bonds under the Securities and Exchange Board of India's regulatory sandbox framework, according to a Monday exchange filing.

The offering received bids worth about 7.96 billion rupees, making it roughly eight times oversubscribed.

REC accepted 5 billion rupees at a coupon rate of 7.30% per annum for a tenor of one year and nine months. The bonds were allotted, settled and listed on NSE and BSE on the same day.

Top lenders HDFC Bank (NSE:HDFCBANK, BOM:532174) and ICICI Bank (BOM:532174, NSE:ICICIBANK) are among the buyers of REC's tokenized bonds, Bloomberg News reported separately, citing people familiar with the matter.

The buyers also included private lenders Axis Bank (NSE:AXISBANK, BOM:532215) and Yes Bank (BOM:532648, NSE:YESBANK), as well as AK Capital Services, ICICI Securities Primary Dealership, Taurus Group and Trust Investment Advisors, according to the report.

In a statement to, Taurus Corporate Advisory Services Investment Banking Head Gaurav Kute confirmed the firm's participation, calling the transaction an "important turning point" for India's corporate bond market that will enable faster settlement.

The other lenders did not immediately respond to' request for comment.

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