Singapore Exchange (SGX) has welcomed the inaugural rupee-denominated or Masala bond listing of ECL Finance, a Mumbai-based financial services company.
ECL Finance raised NIR5.02 billion from its Masala bond, which has a tenor of three years and two months and was priced at 9.05 per cent.
A subsidiary of Edelweiss Financial Services, an Indian non-banking financial company engaged in providing credit services, ECL Finance plans to use the proceeds to pay existing debt and support business growth.
More than 80 per cent of listed offshore bonds by Indian issuers are listed on SGX, raising about USD66 billion.
