REC Limited launches India's 1st tokenized bond raising 500cr
Business
REC Limited has made history by launching India's very first tokenized bond, raising ₹500 crore in the process.
The buzz was real: investors rushed in with bids over eight times the offer, hitting ₹796 crore.
This all happened under SEBI's regulatory sandbox, which basically lets companies test cool new financial tech.
Settled using RBI's wholesale digital currency
This bond runs for about 20 months and pays a 7.30% coupon.
What's really new? Settlement was done using RBI's wholesale digital currency, so it's not just about money, but also about bringing blockchain into Indian finance.
Tokenized bonds use blockchain to record ownership digitally, making transactions super quick and cutting out middlemen. It means lower costs and more transparency for everyone involved.