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Corporate bonds attract bids worth $1.15 billion from FPIs

LiveMint logoLiveMint 26-07-2017 PTI

New Delhi: Corporate bonds on Wednesday received an overwhelming response from foreign investors and attracted bids worth $1.6 billion, against $1.15 billion on offer.

The auction was conducted on BSE’s ebidxchange platform from 1530 hours to 1730 hours, after the market hours. At the end of the two-hour auction, as many as 23 bids were declared successful out of 36, the exchange data showed.

Foreign portfolio investors (FPIs) bid for investment limits in corporate debt securities worth Rs10,442 crore ($1.62 billion) as against Rs7,418 crore ($1.15 billion) on offer.

The debt auction quota gives overseas investors the right to invest in the debt up to the limit purchased.

A mock bidding session was conducted on Tuesday to check the system’s performance. In an online auction conducted on Tuesday, government debt securities had attracted bids to the tune of Rs14,698 crore as against Rs10,922 crore on offer.

To boost inflows of foreign funds into Indian capital markets, regulator Sebi earlier this month raised the FPI investment limit in government securities to Rs187,700 crore. Prior to that, the limit was Rs184,901 crore.

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