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Jan 14, 2011

IDFC LTD - INFRA BOND TRANCHE 2 - JANUARY 2011

Infrastructure Development Finance Company Ltd

Company profile
IDFC is a leading knowledge-driven financial services company in India and plays a central role in advancing infrastructure development in the country. IDFC is a one-stop-shop for all products and services across the infrastructure value chain. Established in 1997 as a private sector enterprise by a consortium of public and private investors, the Company listed its Equity Shares in India pursuant to an initial public offering in August 2005. 
Salient features of the bond issue (Tranche II)
l  Second Tranche of public issue of bonds by an infrastructure finance company under Sec 80 CCF
l  Credit rating agency ICRA has rated the Bonds under this offer as "LAAA" and FITCH has rated the bonds "AAA" with stable outlook, indicating highest safety.
l  These bonds will be issued only to Resident Indian Individuals (Major) and HUF.
l  The bonds are fully secured with first floating pari pasu charge over certain receivables of the Company and first fixed pari pasu charge over specified immovable properties of the Company. The security cover is 1.0 times of the outstanding Bonds at any point in time.
l  The Bonds bear an attractive combination of coupon rate 8% p.a. coupled with tax benefits of up to Rs 20,000 under Sec 80 CCF.
l  There are 2 investment options, suiting the needs of different categories of investors.
l  No TDS shall be deducted from interest on Tranche 2 Bonds, if such interest does not exceed Rs 2,500 in a financial year.
l  The bonds will be listed on NSE & BSE and can be traded after the 5 year lock – in period.
l  Investors can mortgage or pledge these bonds to avail loans after the lock-in period.
l  Under Section 80 CCF of the I.T. Act, an investor in such infrastructure bonds will be entitled to tax deduction of investments of up to Rs 20,000. The deduction is over and above the Rs 1,00,000 deduction available under section 80C, 80CCC & 80CCD read with section 80CCE.
Issue Structure:
l  Maturity: The Bonds, with a maturity of 10 years, will be issued in 2 series.
l  Face Value: Each Bond has face value of Rs 5,000 each.
l  Minimum application: Rs 10,000 or 2 bonds. The bonds can be of the same series or 2 bonds across different series.
l  Lock in: 5 years from the date of allotment.
l  Buyback facility: Available for both the Series 1 & 2.
l  Bond Issue Profile: (Tranche II)
 
Options
Series I
Series II
Interest Payment

Annual
Cumulative
Minimum Application
2 bonds and in multiples of one bond thereafter
Face Value (Rs. / Bond)

Rs.5,000/-
Rs.5,000/-
Coupon (%) p.a.
8%
N/A
Yield on Maturity (%) p.a.
8.0%

8.0% compounded annually
Maturity

10 years
10 years
Redemption Amount per bond
Rs 5,000
Rs 10,800
Buy back Facility
YES
YES
Buyback Date (from allotment)
5 years
5 years
Buyback Intimation Period
The period beginning not
before 9 months prior to the Buyback Date and
ending not later than 6 months prior to the Buyback Date
The period beginning not
before 9 months prior
to the Buyback Date and
ending not later than 6 months
prior to the Buyback Date
Buy back Amount (Rs)
Rs 5,000 per bond
Rs 7,350 per bond
Buy back Yield (%)
8.0%
8.0% compounded annually
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