The London Stock Exchange has become the first financial trading centre to issue a “masala” or rupee-denominated bond outside of India by an Indian company listed on the London Stock Exchange.
The landmark listing, by HDFC one of India’s biggest banks, was welcomed by the Chancellor of the Exchequer, Philip Hammond.
“I’m delighted that Housing Development Finance Corporation (HDFC) has chosen to list this landmark bond in London. It represents a major vote of confidence in London as the leading global financial centre and is further proof that Britain is a great place to do business,” said Hammond.
The bond, which was more than four times oversubscribed, has raised raised 30 billion Indian Rupees, equivalent to 450 million US Dollars. It has attracted significant interest from Asian investors.
Alok Sharma, UK Minister for Asia said that the listing was a clear signal of London’s continued standing as a leading international financial centre and a strengthening of ties between UK and India. “I am confident that this will pave the way for many more Indian companies to raise capital in London to support India’s ambitious infrastructure plans,” said Sharma.
