AFRINEX Limited, the pan-African international securities exchange headquartered in Ebene, Mauritius, has confirmed the listing of US$27 million in Foreign Currency Convertible Bonds (FCCBs) issued by NHC Foods Limited, an Indian agricultural commodities company, on the AFRINEX Securities List. The unsecured bonds carry a coupon rate of 1.5 per cent and were issued at a ten per cent discount, with a five-year tenure maturing in May 2031.
The transaction positions Mauritius, already an established conduit for capital flows between Asia and Africa, as an increasingly active participant in structuring cross-continental financial instruments. AFRINEX was established with encouragement from the Government of Mauritius, supported by a technology and skills partnership from BSE’s subsidiaries and group companies, and is regulated by the Financial Services Commission of Mauritius. The exchange’s architecture was designed specifically to service international issuers seeking access to African and global investor pools, and this listing reflects the gradual materialisation of that ambition.
NHC Foods Limited, founded in 1960 and headquartered in India, is a government-recognised three-star export house and an ISO and HACCP-certified manufacturer engaged in the international trade of agricultural commodity products across more than 100 countries. The company has been expanding its international footprint in recent periods, acquiring a Hong Kong-based trading firm through its Dubai subsidiary in early 2026 and approving an investment of approximately US$24.3 million in its wholly owned UK subsidiary, NHC Foods UK Limited, using proceeds from the FCCB issue.
Thapelo Tsheole, Chief Executive Officer of AFRINEX Limited, said the listing reflected the exchange’s broader mandate to serve as a credible intermediary between global issuers and international investors. “We are delighted to welcome NHC Foods Limited to the AFRINEX Securities List,” he said. “The listing of this US$27 million FCCB highlights the robust, transparent, and globally competitive ecosystem we have built here in Mauritius. At AFRINEX, our objective is to bridge the gap between dynamic global businesses and sophisticated international investors. By providing a multi-asset, multicurrency electronic infrastructure backed by top-tier regulatory standards, we continue to give international issuers the perfect platform to scale effectively.”
Satyam Joshi, Managing Director and Chief Executive Officer of NHC Foods Limited, described the listing as a turning point in the company’s capital strategy. “The successful listing of our USD 27 million FCCBs on the AFRINEX Exchange marks a definitive turning point for NHC Foods Limited,” he said. “The capital raised will significantly strengthen our financial position, optimise our working capital, and accelerate our expansion across the 100 or more countries we serve. The listing process on AFRINEX was exceptionally efficient, clear, and professional. It provides us with unparalleled global visibility and reinforces investor trust in our corporate governance and long-term vision.”
The listing arrives at a moment of growing institutional momentum around the India-Africa financial corridor. In February 2026, AFRINEX signed a Memorandum of Understanding with India International Exchange (India INX), India’s first international stock exchange located in GIFT City IFSC, establishing a framework for cooperation on dual listings, capital market development, and shared technological expertise.  That agreement formalised an existing relationship and signalled deepening intent from both sides to expand the infrastructure underpinning cross-border capital movement.
For Mauritius, such developments are not incidental to its economic strategy. The island has long cultivated its status as an international financial centre, and the Prime Minister of Mauritius has noted that Africa requires an estimated US$350 billion to meet its sustainable development objectives, identifying AFRINEX as a vehicle through which Indian capital and broader global investment could be channelled into the continent.  Whether instruments such as the NHC Foods bond will translate into meaningful capital deployment on the African continent remains a question that the market will answer over time. What is evident, however, is that the architecture to facilitate such flows is being actively assembled.
AFRINEX currently holds a market capitalisation of listed securities exceeding US$12.4 billion and offers a multi-asset listing platform across equity, debt, funds, and other instruments, with clearing and settlement services provided through its wholly owned subsidiary, Afrinex Clearing House Limited.
The NHC Foods listing follows a separate FCCB listing on the AFRINEX Securities List in April 2026, when Cellecor Gadgets Limited listed US$33 million in convertible bonds on the exchange.  The pattern suggests a growing appetite amongst Indian-listed companies for offshore capital market structures routed through Mauritius, and an exchange that is consolidating its positioning as the primary listing venue of choice for issuers seeking African and international investor exposure.
