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Sep 14, 2013, 11.42 AM IST | Source: Moneycontrol.com

Rural Elect Corp to close public issue of bond on Sept 16

REC has informed that the Public Issue of Tax Free Secured Redeemable Non-convertible Bonds, was scheduled to close on Sept 23, 2013. Since the issue has already been oversubscribed, the Company has decided early closure of the Public Issue on September 16, 2013.

With reference to the earlier announcement dated August 27, 2013 in respect of filing of Shelf Prospectus & Prospectus Tranche-I with Registrar of Companies, Rural Electrification Corporation Ltd has now informed BSE that the Public Issue of Tax Free Secured Redeemable Non-convertible Bonds, in the nature of Debentures of REC was opened on August 30, 2013 for subscription and was scheduled to close on September 23, 2013 for an amount of Rs. 1000 Crores with an option to retain over subscription upto Rs. 2500 Crores aggregating upto Rs. 3500 Crores.Since the issue has already been oversubscribed, the Company has decided early closure of the Public Issue - Tranche-I of Tax Free Secured Redeemable Non-Convertible Bonds in the nature of debentures having tax benefits under section 10(15)(iv)(h) of the Income Tax Act, 1961 during the Financial Year 2013-14, on September 16, 2013 instead of September 23, 2013 as intimated earlier.Source : BSE

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