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IRFC Tax Free Bonds Details: Opening on 21 Jan 2013

Discussion in 'Mutual funds and Exchange Traded Funds' started by real_buzz, Jan 19, 2013.

  1. real_buzz Moderator

    IRFC Tax Free Bonds: Opening on 21 Jan 2013

    Issue Period: 21 Jan 2013 to 29 Jan 2013

    Key Benefits:

    • Indian Railway Finance Corporation Ltd is fully owned by the government of India
    • Credit Ratings: AAA/Stable by CRISIL, AAA by ICRA and CARE
    • Interest on these Bonds is Tax-Free, no TDS is applicable, Wealth Tax is not levied
    • No lock in period and no upper limit on investment amount
    • Issue Size: Rs 1,000 Crores with an option to retain oversubscription upto Rs 8,886.40 Crores
    • Additional Coupon Rate of 0.50% p.a. for Category IV Applicants
    • Eligible NRIs can invest in Category III or IV
    Issue Structure: Issue of Tax Free Secured Redeemable Non Convertible Bonds

    Options / Series of Bonds Series 1 Series 2

    Tenor 10 Yrs 15 Yrs

    Coupon Rate % p.a. (Category I, II and III) 7.8% 7.34

    Additional Coupon Rate % p.a. (Category IV) 0.50 0.50

    Total Coupon Rate % p.a. (Category IV) 7.68 7.84

    Frequency of Interest payment Will be paid on 15 Oct every year

    Face Value / Issue Price per Bond Rs 1000

    Minimum Application Rs 5,000 (in multiples of Rs 1,000 thereafter)

    Issuance Physical and Demat mode

    Interest on application % p.a As per coupon rate applicable to investor category


    Interest on refund % p.a. 5 %

    Proposed to be listed on Proposed to be listed on BSE and NSE

    Basis of Allotment : On first come first serve basis

    Investor Category Issue allocation

    I - Institutional 20%

    II - Institutional 20

    III - HNI (more than 10 lacs) 20%

    IV - Retail (upto and including 10 lacs) 40

    When Bonds held by the original allottees of Category IV are sold / transferred, coupon rate will be revised to the coupon rate for Category I, II & III investors. Refer to details.

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