UP Power raises Rs 6,510 cr via bonds on BSE e-book platform

UP Power Corporation has raised Rs 6,510 crore by issuing bonds on private placement basis through BSE's electronic book mechanism, making it the highest ever fund raising by a PSU on such platform.
With this, total fund mobilsation by companies reached to Rs 1.62 lakh crore since the launch of this platform last July, BSE said in a statement.
"We are delighted to raise Rs 6,510 crore (on February 16) from BSE bond platform in the most cost effective and competent manner. We acknowledge BSE's efficient service support and guidance for seamlessly executing this historic deal on BSE bond platform," UP Power Corporation CMD Sanjay Agarwal said.

The BSE-BOND was launched on July 1 to facilitate online bidding for private placement of debt securities. Since then, 58 companies have raised Rs 1,62,731 crore through it.
Some of the firms that garnered funds through the platform include NTPC, Axis Bank, HDFC, Power Finance Corporation, REC, Yes Bank, NHAI, IRFC, HUDCO and NABARD.
The funds have been raised from various sources including banks, mutual funds, insurance companies, foreign portfolio investors and corporates.

The platform, which allows all categories of investors to place bids, helps bring in transparency and efficiency in price discovery for private placement of debt securities.
The electronic book mechanism is mandatory for all private placement issues, on debt basis, for more than Rs 500 crore.

It is optional for issues below Rs 500 crore, but the issuers will have to disclose coupon, yield, amount raised, number of investors and category of investors to the electronic book provider or the information repository for corporate debt market in the format as specified by regulator Sebi.