REC Ltd, a New Delhi-based state-run power financier, has raised 5 billion rupees (US$52.9 million) through India’s first tokenized bond, with HDFC Bank Ltd and ICICI Bank Ltd among the buyers, according to people familiar with the matter.

The notes mature in May 2028 and carry a 7.30% coupon. About 20 investors bought them, including banks, mutual funds, and companies, using the Reserve Bank of India’s digital currency, the people said.

The source report said investors used the central bank’s digital currency for the transaction, though it did not specify which segment.

India’s broader approach to tokenized securities is still evolving.

Tokenized bonds use blockchain for issuance, trading, and settlement. Larsen & Toubro, India’s largest engineering company, plans to raise up to 5 billion rupees (US$52.9 million) through a similar issue after REC’s sale.

🔗 Source: Bloomberg