Money & Banking

Aditya Birla Finance raises ₹100 cr via listed CP

Our Bureau Mumbai | Updated on November 28, 2019 Published on November 28, 2019

Aditya Birla Finance has raised Rs 100 crore through issue of commercial paper on BSE and became the first company to list CP on BSE.

With value date of November 28, the paper will mature on February 7. ABFL is a well-diversified non-banking finance company (NBFC) with a long-term credit rating of AAA (Stable) from both ICRA and India Ratings.

BSE announced the norms for listing CP on November 26, enabling the listing of papers issued after November 27.

BSE Bond platform was launched in July 2016 and garnered fund raising of Rs 883,429 crore since inception. In this financial year, it has successfully helped companies raise ₹176,947 crore with market share of about 63 per cent.

On November 28, Aditya Birla Finance made an application to list their CP on BSE. Post process, the effective date of listing for the same was fixed as November 29, it said.

Rakesh Singh, Managing Dirrctor, Aditya Birla Finance said SEBI’s announcement to list Commercial Papers will encourage further transparency and better corporate governance practices.

Trust in the system can only be restored with complete transparency. The company aim to set standards for Commercial Paper issuance which will bring in liquidity, transparency and thereby create trust in the minds of investors, he added.

Published on November 28, 2019
NBFC
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