FCI raises Rs 8,000 cr on BSE BOND platform

State-run Food Corporation of India (FCI) garnered Rs 8,000 crore by way of issuance of bonds on private placement basis on BSE's electronic book mechanism platform.

In total, 247 bids for Rs 20,071.2 crore were received on BSE BOND platform, which is the second-highest bids ever received for yield based bidding, the exchange said in a statement.

B S Mohapatra, Executive Director (Finance) at FCI said the platform's convenience, user-friendly feature and support from BSE team smoothened the entire bidding and fund-raising process.

"I am delighted that FCI is able to raise Rs 8,000 crore successfully using BSE BOND platform...BSE firmly believes that the Indian bond market is tapping ample potential for sizeable growth and India is parking its domestic savings in the most judicious manner," BSE CEO and MD Ashishkumar Chauhan said.

The platform was launched on July 1, 2016, to facilitate online bidding for a private placement of debt securities. Since then, companies have garnered over Rs 9 lakh crore through the exchange mechanism.

The platform, which allows all categories of investors to place bids, helps bring in transparency and efficiency in price discovery for a private placement of debt securities.