IRFC’s Rs 1,000cr tax free bonds issue to open on Feb 25

State-owned Indian Railway Finance Corporation (IRFC) will launch its tax free bonds issue of Rs 1,000 crore of face value of Rs 1,000 each on Monday, February 25, 2012. It has an option to retain oversubscription upto Rs 3,513.01 crore.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset
moneycontrol.com

Home » News » Markets » Bonds News

Feb 23, 2013, 12.48 PM | Source: Moneycontrol.com

IRFC’s Rs 1,000cr tax free bonds issue to open on Feb 25

State-owned Indian Railway Finance Corporation (IRFC) will launch its tax free bonds issue of Rs 1,000 crore of face value of Rs 1,000 each on Monday, February 25, 2012. It has an option to retain oversubscription upto Rs 3,513.01 crore.

Like this story, share it with millions of investors on M3

IRFC’s Rs 1,000cr tax free bonds issue to open on Feb 25

State-owned Indian Railway Finance Corporation (IRFC) will launch its tax free bonds issue of Rs 1,000 crore of face value of Rs 1,000 each on Monday, February 25, 2012. It has an option to retain oversubscription upto Rs 3,513.01 crore.

Post Your Comments

Share Cancel

State-owned Indian Railway Finance Corporation (IRFC) will launch its tax free bonds issue of Rs 1,000 crore of face value of Rs 1,000 each on Monday, February 25, 2012. It has an option to retain oversubscription upto Rs 3,513.01 crore.

According to the CBDT notification, the company proposed to raise upto Rs 10,000 crore through issue of bonds in the year 2012-13. Out of which, IRFC already raised Rs 1,113.60 crore through five private placements issuances and Rs 5,373.39 crore through public issue of tax free secured redeemable non-convertible bonds of tranche I.

Coupon rate for retail investors, NRIs and HUFs (which are applying for an amount aggregating up to Rs 10 lakh across all series of bonds in each tranche issue) will be 7.38 percent in case of series I and 7.54 percent in series II. Coupon rate for other investors will be 6.88 percent in series I and 7.04 percent in series II.

Redemption of bonds will take place at the end of 10 years and 15 years from the deemed date of allotment for series I and series II, respectively. IRFC will make interest payment on bonds on annual basis.

Bids can be made for minimum of 5 bonds across all series of bonds and in multiples of one bond thereafter. The issue will close on March 13, 2013.

Credit rating agencies namely CRISIL, ICRA and CARE assigned AAA rating for this debt programme.

Bonds are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

The book running lead managers to the issue are SBI Capital Markets Limited, AK Capital Services Limited, Axis Capital Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
IRFC’s Rs 1,000cr tax free bonds issue to open on Feb 25

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login