India New Issue-L&T to become India's first private-sector tokenised bond issuer, bankers say

Larsen and Toubro

08/09/2026 04:34

MUMBAI, Sept 8 (Reuters) - India's Larsen & Toubro LART.NS is planning to raise 5 billion rupees ($52.92 million) through a sale of three-year tokenised bonds, which would be the first such issuance from a private-sector company, two merchant bankers said on Tuesday. 
The construction conglomerate will pay an annual coupon of 7.40% and has invited bids from investors on Wednesday, they said. 
The company did not reply to a Reuters email seeking comment, outside regular business hours. 
Tokenised bonds are securities whose ownership, issuance, trading and settlement are recorded digitally on a blockchain or distributed ledger. The Reserve Bank of India's digital currency will be used to buy the bonds.
The notes are settled on the same day, and only investors with active central bank digital currency wallets can place bids.
On Monday, state-run REC became the first company from India to issue tokenised bonds, when it raised 5 billion rupees through 20-month bonds at a coupon of 7.30%. 
 
 Here is the list of deals reported so far on September 8: 
Issuer
Tenure
Coupon (in %)
Issue size (in bln rupees)*
Bidding date
Rating
Larsen & Toubro
3 years
7.40
5
September 9
AAA (Crisil, India Ratings)

*Size includes base plus greenshoe for some issues



($1 = 94.4850 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)
 ((Dharamraj.dhutia@tr.com))