REC Limited has issued India’s first pilot tokenised corporate bond under the Securities and Exchange Board of India (SEBI) regulatory sandbox framework, raising Rs 5 billion. The issue comprised a base size of Rs 1 billion and a green shoe option of Rs 4 billion and received bids worth Rs 7.96 billion through the National Stock Exchange of India Limited (NSE) electronic bidding platform. REC accepted Rs 5 billion at a coupon rate of 7.30 per cent per annum for a tenor of one year and nine months.
Furthermore, the tokenised issuance enabled same-day pay-in, allotment and listing, with the bonds being listed on NSE and Bombay Stock Exchange Limited. The issuance incorporates atomic delivery-versus-payment settlement and shared-ledger transparency, while securities ownership under the Demat 2.0 framework is recorded and tracked through a permissioned distributed ledger.
In February 2026, REC Limited became a subsidiary of PFC Limited following PFC’s acquisition of a 52.63 per cent stake held by the Government of India in REC. The acquisition followed the restructuring of PFC and REC proposed in the Union Budget 2026-27 and is expected to create a major lender for the power sector upon completion of the merger.
