ECL raises Rs 5.02 bn from masala bond in Singapore

India's ECL Finance raised Rs 5.02 billion from its masala bond, which has a tenor of three years and two months, said the Singapore Exchange today.
It was priced at 9.05 per cent.
A subsidiary of Edelweiss Financial Services Limited, an Indian non-banking financial company engaged in providing credit services, ECL Finance plans to use the proceeds to pay existing debt and support business growth.
More than 80 per cent of listed offshore bonds by Indian issuers are listed on Singapore Exchange as of today, raising about USD 66 billion, said Singapore Exchange, welcoming the rupee-denominated bonds overseas, popularly known as masala bonds.