In a move aimed at creating more transparency in the allocation process for investments in the corporate debt market,the Securities and Exchange Board of India (Sebi) on Friday said it would allocate $8 billion debt investment limit to foreign institutional investors (FIIs) in an open bidding platform.
Sebi said that all bidding for the limits would be through the stock exchanges and the window for bidding would remain open for two hours. The minimum amount that an FII can bid is capped at the lower end at Rs 250 crore, with a minimum ticket size of Rs 100 crore. The bid price will be expressed in basis point and a minimum flat fee of Rs 1,000 per successful bid shall be levied for the allocated amount.
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