mjunction services limited, a B2B e-commerce company, successfully conducted on Friday an e-auction for commercial papers (CPs) worth Rs. 700 crore for Steel Authority of India Limited (SAIL).
This was a significant step for SAIL towards adopting a business practice that is completely technology-driven, and thus a step forward in the government's Digital India programme.
SAIL said, "For SAIL, this e-auction conducted by mjunction of commercial papers has led to better price discovery. The process was structured, less time consuming, has a scope for greater participation and above all transparent."
Vinaya Varma, CEO, mjunction said, "We have the most technologically-advanced platform as an electronic book provider (EBP) for debt market instruments like commercial papers or bonds. From initiating bids till final issuance, our platform is completely automated ensuring total transparency to all stakeholders."
mjunction has been electronically transforming supply chains of steel and coal, bringing in transparency to the way they were bought and sold.
It recently conducted the e-auction of telecom spectrum for the second time for the government of India's Department of Telecommunications.
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