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:: News Letters ::

 

IIFCL TAXFREE BONDS !!!

 

 

" Public Issue of Tax Free Secured Redeemable Non-Convertible Bonds by India Infrastructure Finance Company Ltd."  (Source: Shelf Prospectus & Prospectus Tranche I dated September 28, 2013) :

Issue Size:

1.         Rs. 500 crores with an option to retain oversubscription  upto  Rs.2000 crores  aggregating upto Rs.2500  crores
2.        Face value of each Bond shall be Rs. 1,000/- and the minimum application size shall be for 5 bonds and in multiples of 1 Bond thereafter
 
Yield Offered:

Options

Series of Bonds*

 

For Category I, II & III**

 

Tranche I Series 1A

Tranche I Series 2A

Tranche I Series 3A

Coupon Rate (%) p.a

8.01%

8.38%

8.50%

Annualised Yield (%) p.a

8.01%

8.38%

8.50%

Options

For Category IV**

 

Tranche I Series 1B

Tranche I Series 2B

Tranche I Series 3B

Coupon Rate (%) p.a

8.26%

8.63%

8.75%

Annualised Yield (%) p.a

8.26%

8.63%

8.75%

                                 For Category I, II, III & IV**

Maturity / Redemption Date

10 years from the Deemed Date of Allotment

15 years from the Deemed Date of Allotment

20 years from the Deemed Date of Allotment

Redemption Amount (Rs./Bond)

Repayment of the Face Value plus any interest at the applicable Coupon/ Interest Rate that may have accrued at the Redemption Date

Coupon/ Interest Type

Fixed Coupon Rate

Coupon / Interest Payment Date

The date, which is the day falling one year from the Deemed Date of Allotment, in case of the first coupon/ interest payment and the same day every year, until the Redemption Date for subsequent coupon/ interest payment

Coupon/ Interest Reset Process

Not applicable

Frequency of Coupon/ Interest Payment

Annual

Note:
*The Company shall Allot Tranche I Series 1A/ Series 1B(depending upon the category of applicants) to all valid applications, wherein the Applicants have not indicated their choice of the relevant Series of Bond.
**In pursuance of the Notification and for avoidance of doubt, it is clarified as under:
a.  The coupon rates indicated under Tranche I Series 1B, Tranche I Series 2B and Tranche I Series 3B shall be payable only on the Portion of Bonds allotted to RIIs in the Issue. Such coupon is payable only if on the Record Date for payment of interest, the Bonds are held by investors falling under RII Category viz Category IV.
b.  In case the Bonds allotted against Tranche I Series 1B, Tranche I Series 2B and Tranche I Series 3B are transferred by RIIs to Non-RIIs viz, Qualified Institutional Buyers, Domestic Corporates and/or High Networth Individuals, the coupon rate on such Bonds shall stand at par with coupon rate applicable on Tranche I Series 1A, Tranche I Series 2A and Tranche I Series 3A, respectively.
c.  If the Bonds allotted against Tranche I Series 1B, Tranche I Series 2B and Tranche I Series 3B are sold/ transferred by the RIIs to investor(s) who fall under the RII category as on the Record Date for payment of interest, then the coupon rates on such Bonds shall remain unchanged;
d.  Bonds allotted against Tranche I Series 1B, Tranche I Series 2B and Tranche I Series 3B shall continue to carry the specified coupon rate if on the Record Date for payment of interest, such Bonds are held by investors falling under RII Category;
e.  If on any Record Date, the original RII allotee(s)/ transferee(s) hold the Bonds under Tranche I Series 1B, Tranche I Series 2B and Tranche I Series 3B for an aggregate face value amount of over Rs. 10.00 lakh, then the coupon rate applicable to such RII allottee(s)/transferee(s) on Bonds under Tranche I Series 1B, Tranche I Series 2B, Tranche I Series 3B shall stand at par with coupon rate applicable on Tranche I Series 1A, Tranche I Series 2A and Tranche I Series 3A, respectively;
f.  Bonds allotted under Tranche I Series 1A, Tranche I Series 2A and Tranche I Series 3A shall carry coupon rates indicated above till the respective maturity of Bonds irrespective of Category of holder(s) of such Bonds;
g.  For the purpose of classification and verification of status of the RII Category of Bondholders, the aggregate face value of Bonds held by the Bondholders in all the Series of Bonds, allotted under the relevant Issue shall be clubbed and taken together on the basis of PAN.


 
Categories of Reservation:

Qualified Institutional Buyers Portion

Domestic Corporate Portion

High Net worth Individuals (“HNIs”) Portion

Retail Individual Investors (“RIIs”) Portion

15% of the Overall Issue Size

20% of the Overall Issue Size

25% of the Overall Issue Size

40% of the Overall Issue Size


 
Issue Timing:
1.    Issue Opening Date         October 03, 2013
2.    Issue Closing Date           October 31, 2013  
 
Interest on Application Money:
 
1.    On application money allotted    :    8.01% p.a ,8.38%p.a  and 8.50% p.a on Tranche 1 Series 1A, Tranche I Series 2A and Tranche I Series 3A, respectively, for Allottees under Categories I, II and III and at the rate of 8.26%p.a ,8.63%p.a  and 8.75% p.a on Tranche I Series 1B, Tranche I Series 2B and Tranche I Series 3B, respectively, for Allottees under Categories IV.
 
2.    On application money refunded:     @ 5% p.a.

 

 
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