BSE, NSE roll out e-book platform in pvt placement of debt
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Leading stock exchanges BSE and NSE today launched electronic book platforms for issuance of debt securities worth over Rs 500 crore on private placement basis.
The platforms — BSE-BOND and NSE-EBP (Electronic Debt Bidding Platform) — will facilitate online bidding for private placement of debt securities.
LIC Housing Finance’s Rs 400-crore issue got oversubscribed on NSE soon after the launch of the platform while other entities have also shown interest in the segment.
This platform is expected to bring in transparency and efficiency in price discovery for private placement of debt securities.
It will be optional for the 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 to the information repository for corporate debt market, in the format as specified by Sebi.
All investors, including institutional as well as high net worth (HNI) arrangers, are allowed to bid through this platform.
Arrangers include merchant bankers, RBI-registered primary dealers or any other registered intermediaries as notified by Sebi from time to time.
Recently, the exchanges received market regulator Sebi’s approval to act as Electronic Book Providers (EBPs) to facilitate electronic book mechanism for issuance of debt securities on a private placement basis.
EBPs are required to have all necessary infrastructure like adequate office space, equipment, risk management capabilities, manpower and other information technology infrastructure for effective functioning.
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