REC Ltd, the state-owned power sector financier, issued India’s first tokenized corporate bond for 500 crore rupees (approximately $59 million). HDFC Bank and ICICI Bank were among roughly 20 institutional investors who subscribed to the offering, with total demand reaching 796 crore rupees. The issuance was nearly eight times oversubscribed at a coupon rate of 7.30% with a tenor of about one year and nine months. Settlement occurred atomically through the RBI’s wholesale CBDC, with same-day listing on both the National Stock Exchange and Bombay Stock Exchange. The transaction, conducted under SEBI’s regulatory sandbox framework, utilizes DEMAT 2.0 securities accounts infrastructure.
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