India New Issue-Larsen & Toubro accepts bids for tokenised bond sale, bankers say

Larsen and Toubro

09/09/2026 07:04

MUMBAI, Sept 9 (Reuters) - Larsen & Toubro LART.NS has accepted bids worth 5 billion rupees ($52.53 million) for three-year tokenised bonds in the first such issuance by an Indian private-sector company, two merchant bankers said on Wednesday.
The engineering and construction conglomerate will pay an annual coupon of 7.40% and had invited bids from investors earlier in the day, they said.
The company did not reply to a Reuters email seeking comment.
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 9: 
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
Sammaan Capital 
3 years
9.05
2.50+2.50
September 10
AA+ (Crisil, Icra)
Sammaan Capital 
5 years
9.10
2.50+2.50
September 10
AA+ (Crisil, Icra)
Sundaram Home Finance 
5 years
8.09
5.10
September 10
AAA (Icra)
Aditya Birla Capital May 2029 reissue
2 years and 8 months
8.08 (yield)
4.50
September 8
AAA (Crisil, Icra)
Aditya Birla Capital Sept 2029 reissue
3 years
8.09 (yield)
11
September 8
AAA (Crisil, Icra)
Aditya Birla Capital June 2031 reissue
4 years and 10 months
8.20 (yield)
4.50
September 8
AAA (Crisil, Icra)
Aditya Birla Capital Aug 2031 reissue
4 years and 11 months
8.20 (yield)
3.25
September 8
AAA (Crisil, Icra)
     
*Size includes base plus greenshoe for some issues
     
($1 = 95.1800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Varun H K)
((Dharamraj.dhutia@tr.com))