L&T, IIFL Finance raise Rs.525-Cr via tokenised bonds

Mumbai-based Larsen & Toubro (L&T) and IIFL Finance have entered the Indian tokenised bond market, raising INR 500-Cr and INR 25-Cr, respectively. The development follows an issuance by REC, which raised INR 500-Cr via a 20-month bond.L&T - the first private-sector corporation to enter the segment - raised INR 500 crore at a coupon of 7.4% through bonds maturing in three years.IIFL Finance, a non-banking financial company (NBFC), raised INR 25 crore at 9.1% through bonds maturing in two years. Trust Investment Advisors arranged the IIFL Finance issue, marking the first time a non-PSU NBFC has raised funds through a tokenised bond.Tokenised bonds use blockchain technology to facilitate issuance, trading, and settlement.