Mar 21, 2013

REC Capital Gain Tax Exemption – 54EC Bonds Issue - April 2013

REC Capital Gain Tax Exemption – 54EC Bonds Issue Highlights

CREDIT RATING : CRISIL AAA Stable’ by CRISIL/"CARE AAA" by CARE / ‘AAA (ind)’ by Fitch Ratings
ISSUE SIZE : 1000 Crore plus green shoe option to retain the oversubscription
FACE VALUE : Rs. 10,000/- per bond
ISSUE PRICE : Rs. 10,000/- per bond
COUPON RATE  : 6% annually
ISSUE DATE: Opening : 1st April 2013, Closing : 31st March, 2014 (at the close of the banking hours) or at a date as may be decided by REC at its absolute discretion
MINIMUM APPLICATION SIZE : One Bond of Rs. 10,000/- each.
MAXIMUM APPLICATION SIZE : 500 Bonds of Rs. 10,000/- each (Subject to section 54EC of Income Tax Act, 1961)
MODE OF SUBSCRIPTION : 100% on application
DEEMED DATE OF ALLOTMENT : Last day of each month in which the subscription money is received and credited to REC account
INTEREST PAYMENT & DATE : Annual, 30th June of each year
TENOR : 3 years from the deemed date of allotment
REDEMPTION / MATURITY : At par, at the end of 3 years from the deemed date of allotment
TRANSFERABILITY : Non-transferable, Non-negotiable and cannot be offered as a security for any loan or advance
TRUSTEE : IDBI Trusteeship Services Ltd., Mumbai

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