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.
Entities
Aggregate Amount of Bonds (Rs. In Crores)
1
National Highways Authority of India
10000
2
Indian Railway Finance Corporation Ltd.
10000
3
India Infrastructure Finance Company Limited
10000
4
Housing & Urban Development Corporation
5000
5
National Housing Bank
5000
6
Power Finance Corporation Ltd.
5000
7
Rural Electrification Corporation Ltd.
5000
8
Jawaharlal Nehru Port Trust
2000
9
Dredging Corporation of India Limited
500
10
Ennore Port Limited
1000

1. Categories
Retail
High Networth Individuals
Corporates
QIB

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
Category
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
Category
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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