10 firms to list commercial papers on BSE for Rs 7,185 cr issue size

Leading stock exchange BSE on Friday said 10 companies have filed applications with the bourse to list their commercial papers (CPs) for a total issue size of Rs 7,185 crore.

Bajaj Finance Ltd, National Fertilizers Ltd, Network18 Media & Investment Ltd, TV18 Broadcast Ltd, Bajaj Housing Finance Ltd, SBI Cards and Payment Services Ltd, Axis Finance Ltd, Aditya Birla Money Ltd, ICICI Home Finance Company Ltd and Standard Chartered Investments and Loans (India) Ltd are the firms that have made applications to list their CPs with the exchange, BSE said in a release.

Post process, the effective date of listing of CPs with the exchange will be January 6, it added.

"Till date, 59 issuers have done 381 issuances of commercial papers and have successfully listed CPs of Rs 1,28,745 crore on BSE. The weighted average yield of these issuances is 6.09 per cent with an average tenor of 132 days," the exchange added.

CP is an unsecured money market instrument issued in the form of promissory notes that enables highly rated corporate borrowers to diversify their sources of short-term borrowing and provides an additional instrument to investors.

Such instruments can be issued for maturities between a minimum of 7 days and a maximum of 1 year from the date of issue.

CPs are usually issued at a discount from face value and reflect prevailing market interest rates.