Nov 8, 2012

Tax Free Bonds - Notifications - FY 2012 - 2013

The notification for Tax Free Bonds has mentioned the following key points :

The following entities have got with the below stated limits for raising out funds through tax free bonds:

Sr No.
Aggregate Amount of Bonds (Rs. In Crores)
National Highways Authority of India
Indian Railway Finance Corporation Ltd.
India Infrastructure Finance Company Limited
Housing & Urban Development Corporation
National Housing Bank
Power Finance Corporation Ltd.
Rural Electrification Corporation Ltd.
Jawaharlal Nehru Port Trust
Dredging Corporation of India Limited
Ennore Port Limited

1. Categories
High Networth Individuals

2. Tenure: 10 & 15/ 20 Years in case of IIFCL, for rest entities 10 & 15 Years.

3. Interest Rates:
The ceiling coupon rate for AA Rated Company
Interest Rate
Retail Individual Investors 
Relevant G Sec rate Less 50 basis points
QIB/Corporate/ HNI
Relevant G Sec rate Less100 basis points

The ceiling coupon rate for companies rated above AA
Interest Rate
Retail Individual Investors 
Relevant G Sec rate Less 65 basis points
QIB/Corporate/ HNI
Relevant G Sec rate  Less 115 basis points

4. Retail applicants can invest upto Rs. 10 Lakhs as against their earlier limit of 5 Lakhs, whereas investment by individual above Rs.10 lakhs shall be considered in HNI category.

5.  Public Issue:- 75% of aggregate amount bond issued by each entity shall be raised through Public issue; 40% of public issue shall be reserved for retail.

6. Private Placement : Private Placement issue shall be done through bidding process.

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