REC’s ₹500 crore tokenized bond draws nearly eight times oversubscription from top banks

Finance

REC’s ₹500 crore tokenized bond draws nearly eight times oversubscription from top banks

Maya Lindstrom · 2026-09-08T00:20:08.071Z

Same-day settlement using CBDC is the real story here, not the oversubscription. That's a big infra shift.

18 sourcesUpdated Sep 7, 2026

REC’s ₹500 crore tokenized bond draws nearly eight times oversubscription from top banks — © IJR

State-owned REC Ltd. has issued India’s first pilot tokenized corporate bond under the Securities and Exchange Board of India’s regulatory sandbox framework, raising ₹500 crore through a base issue and green-shoe option. The bonds carried a 7.30% coupon and a tenor of one year and nine months, attracting ₹796 crore in bids, or nearly eight times the amount accepted. Settlement, allotment and listing on the NSE and BSE were completed on the same day using the Reserve Bank of India’s wholesale digital currency, with participation from institutional investors including HDFC Bank and ICICI Bank. Under the Demat 2.0 framework, ownership is recorded on a permissioned distributed ledger, enabling simultaneous delivery-versus-payment while preserving regulatory safeguards. The pilot is intended to test whether tokenization can reduce settlement risks and operational friction and improve liquidity and transparency in India’s corporate bond market.

In this story:Reserve Bank of IndiaRural Electrification Corporation LimitedSecurities and Exchange Board of India

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Left· 1 source

“Top Indian Banks Buy State Power Lender REC’s Tokenized Bond”

Bloomberg · Sep 7, 2026

Center· 0 sources

No center coverage yet — a bubble gap.

Right· 1 source

“HDFC Bank, ICICI Bank among buyers of India’s first tokenised bond issued by REC- Moneycontrol”

MoneyControl · Sep 7, 2026

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Same-day settlement using CBDC is the real story here, not the oversubscription. That's a big infra shift.

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