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Aditya Birla Finance Becomes First NBFC To List Commercial Paper On NSE

By Staff
|

On Thursday, Aditya Birla Finance became the first company to list its commercial papers borrowing of Rs 100 crore on the Indian stock exchanges.

The non-banking finance company (NBFC) listed its CPs on NSE with a value date of November 28, 2019 and maturity date on February 7, 2020, the exchange said in a statement.

Aditya Birla Finance Becomes First NBFC To List Commercial Paper On NSE
 

"Trust in the system can only be restored with complete transparency. Through this pioneering move, we aim to set standards for commercial paper issuance which will bring in liquidity, transparency and thereby create trust in the minds of investors," Aditya Birla Finance managing director and CEO, Rakesh Singh, said in a statement.

In October, SEBI asked exchanges to put in place a necessary framework for systems and procedures for listing of commercial papers.

Under the guidelines, an issuer who desires to list its CPs needs to send an application for listing along with the specified disclosures to stock exchanges.

Companies, NBFCs, other entities with a net worth of at least Rs 100 crore and any other security specifically allowed by Reserve Bank of India (RBI) are eligible to list commercial papers.

Aditya Birla Finance is a diversified NBFC with a long-term credit rating of AAA (Stable) from ICRA as well as India Ratings.

Story first published: Friday, November 29, 2019, 10:48 [IST]
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