REC tokenized corporate bonds were issued in a pilot transaction under the SEBI Regulatory Sandbox Framework, the Maharatna CPSE said in a BSE filing dated September 7, 2026. REC said the transaction was India’s first pilot issue of tokenized corporate bonds and was conducted through the electronic book provider platform of the National Stock Exchange of India.

The company accepted ₹500 crore in the issue at a 7.30% per annum coupon for a tenor of one year and nine months. The pilot comprised a base issue of ₹100 crore and a greenshoe option of ₹400 crore.

Issue details and settlement

Item Details
Pilot issue size ₹500 crore
Book building ₹796 crore
Coupon rate 7.30% per annum
Tenor 1 year and 9 months

REC said the bidding drew book building of ₹796 crore, which it described as about eight times oversubscription. The bonds have been listed on NSE and BSE.

According to the filing, the tokenised mode enabled pay-in, allotment and listing on the same day. REC said the structure introduced atomic delivery-versus-payment settlement and shared-ledger transparency.

Demat 2.0 framework

REC said the pilot involved market infrastructure institutions including NPCI, depositories and stock exchanges, alongside the regulatory framework of SEBI and the Reserve Bank of India.

Director (Finance) Rajesh Kumar said the Demat 2.0 initiative and tokenisation of corporate bonds use digital infrastructure, distributed ledger technology and CBDC-enabled settlement while retaining investor protections and regulatory safeguards. REC said securities ownership under the framework is recorded and tracked on a permissioned distributed ledger.

Source: BSE corporate announcement.