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Dec 12, 2012

PFC Tax Free Bonds - Public Issue - December 2012

PFC Tax Free Secured Redeemable Non Convertible Bonds

Issue Size: The Tranche Issue by the issuer is of Bonds aggregating to Rs.1000 Cr with an option to retain oversubscription upto the shelf limit (of Rs.4590 crores)


Issue Opening Date 14th December 2012
Issue Closing Date 21st December 2012
Rating: "AAA" by CRISIL & ICRA
Minimum Application: Rs.5000 & in multiples of 1 bond thereafter (i.e., Rs.1000)

Yield Offered: 
Options
Series of Bonds*
Tranche 1 Series 1
Tranche 1 Series 2
Tenor
10 Years
15 Years
Frequency of interest payment
Annual                                                                                                      Annual
Mode of payment
Through various modes available**
Through various modes available**
Coupon rate (% p.a.) for Category I,II,III
7.19
7.36
Additional Coupon Rate*** (% p.a.) Category IV***
0.50
0.50
Aggregate Coupon Rate (% p.a.) for Category IV***
7.69
7.86
Effective yield(% p.a.) for Category I, II
and III applicants
7.19
7.36
Effective yield (% p.a.) for Category
IV applicants***
7.69
7.86
Coupon Type
Fixed coupon rate
Fixed coupon rate

Listing Proposed to be listed in BSE
Interest on successful application (Non ASBA): Respective Coupon
Interest on refund (on Non ASBA Application): 5 % p.a.
Registrar to the issue: MCS Ltd
Mode of Allotment In Dematerialized as well as in Physical form at the options of the Applicants.

Benefits to the Investor:  


  • The income by way of interest on these Bonds is fully exempt from Income Tax as per provisions under section 10 (15) (iv) (h) of IT Act
  • Since the interest income on these Bonds is exempt from tax, no Tax Deduction at Source is required.
  • Wealth Tax is not levied on investment in Bonds under section 2(ea) of the Wealth-tax Act, 1957. 
  • As per provisions under section 2 (29A) of the I.T. Act, read with section 2 (42A) of the I.T. Act, a listed Bond is treated as a long term capital asset if the same is held for more than 12 months immediately preceding the date of its transfer. Under section 112 of the I.T. Act, capital gains arising on the transfer of listed Bonds shall be taxed @ 10% without Indexation or @ 20% with indexation. 

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