IDFC redeems second tranche of long term infra bonds issued in 2012
Series 1 and Series 2 bonds under Tranche 2 LTIB matured on February 21, 2021.
March 22, 2021 / 01:07 PM IST
IDFC First Bank has redeemed the second tranche of its Long-Term Infrastructure Bonds (LTIB) after it matured 10 years after the deemed date of allotment in 2010-11.
Series 1 and Series 2 bonds under Tranche 2 LTIB matured on February 21, 2021, had a face value of Rs 5,000 and carried an 8 percent interest per annum. Series 1 was a non-cumulative bond while Series 2 was cumulative.
The bank informed the bondholders in a notice on March 19 that it has made an electronic credit of the redemption proceeded was made to all the bondholders with their bank accounts. For bondholders whose bank account details were not updated, physical warrants or demand drafts were issued and dispatched to their addresses.
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The notice said the delay in receiving the physical warrants or demand drafts by some bondholders could be due to COVID-related access restrictions in certain localities.