Singapore Exchange (SGX) today welcomed the inaugural rupee-denominated or Masala bond listing of ECL Finance Limited, a Mumbai-based financial services company.
ECL Finance raised Rs. 5.02 billion from its Masala bond, which has a tenor of three years and two months and was priced at 9.05%. A subsidiary of Edelweiss Financial Services Limited, 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% of listed offshore bonds by Indian issuers are listed on SGX today, raising about US$66 billion.
