India Inc embraces unlisted bonds for faster, flexible fundraising

Unlisted bonds accounted for 40 percent of total corporate bond issuances in May 2026, up from 31 percent in May 2025, with unlisted debt comprising about 38,487 crore rupees out of 94,749 crore rupees issued that month. Blue-chip issuers such as Bajaj Finance (7,000 crore rupees), Vedanta (5,000 crore rupees), and Shapoorji Pallonji group entities are increasingly opting for unlisted bonds to negotiate one-on-one with investors and avoid public disclosure norms. Several large unlisted borrowings are also lined up for July, reflecting a broader shift in corporate financing strategies toward private placement of debt.