Aditya Birla Housing Finance, Axis Finance, 4 others to list papers on BSE

Leading stock exchange BSE on Tuesday said six companies, including Aditya Birla Housing Finance and Axis Finance, have filed application to list their commercial papers (CPs).

The other companies that made applications with the exchange are Standard Chartered Investments and Loans (India) Ltd, KEC International Ltd, Siyaram Silk Mills Ltd and Balrampur Chini Mills Ltd.

Post process, the effective date of listing for CPs at the exchange will be December 26, BSE said in a statement.

Till date, 22 issuers have done 58 issuances of CPs and have successfully listed CPs of Rs 23,330 crore on BSE. The weighted average yield of these issuances is 5.44 per cent with an average tenor of 111 days, the exchange said.

Standard Chartered Investments and Loans, Aditya Birla Housing Finance, Balrampur Chini Mills, Axis Finance, KEC International and Siyaram Silk Mills made an application to list CPs at BSE for an issue size of Rs 390 crore, Rs 250 crore, Rs 200 crore, Rs 175 crore, Rs 100 crore and Rs 45 crore respectively, BSE said.

Commercial paper 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 borrowings and provides an additional instrument to investors.

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

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