ECL’s Masala bond

Mumbai-based ECL Finance Limited has raised Rs5.02 billion (US$75 million) from its Masala bond from Singapore.

The bond has a tenor of three years and two months, and was priced at 9.05%, said the Singapore Exchange (SGX).

A subsidiary of Edelweiss Financial Services Limited, an Indian non-banking financial company engaged in providing credit services, ECL Finance plans to use the proceeds to pay existing debt and support business growth.

The bonds are proposed to be dual listed and traded on SGX and the Stock Exchange of Mauritius.

The bond’s joint lead managers were Sun Global Investments Limited, London and Emirates NBD Bank, Dubai.

More than 80% of listed offshore bonds by Indian issuers are listed on SGX as of October 28, 2016, raising about US$66 billion, said SGX, welcoming the rupee-denominated or Masala bond. Fii-news.com