Three Indian firms raise $107.2 million through tokenized corporate bond pilot 'Demat 2'

Three Indian issuers have raised 10.25 billion rupees (approximately $107.2 million) using tokenized corporate bonds via the Securities and Exchange Board of India (SEBI) 'Demat 2' pilot program. REC Ltd. (REC 有限公司) raised 5 billion rupees from 18 investors, while L&T Ltd. (L&T 有限公司) secured a similar amount from four investors. Additionally, IIFL raised 250 million rupees from one investor. The 'Demat 2' infrastructure records corporate bonds as native digital tokens on a distributed ledger held by depositories, enabling atomic settlement through the Reserve Bank of India's wholesale CBDC via the Unified Market Interface.