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Thursday, November 28, 2013

IRFC tax-free bonds for Rs 10,000 cr in 2013 -2014

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INDIAN Railway Finance Corporation tax free bonds


INDIAN Railway Finance Corporation (IRFC), the financing arm of the railway ministry, is planning to raise Rs 10,000 crore through tax-free bonds.

Public issue by Indian Railway Finance Corporation of tax-free, secured, redeemable, non-convertible bonds of face value of Rs 1,000 each in the nature of debentures having tax benefits...Aggregating up to Rs 10,00,000 lakh (shelf limit) in financial year 201314, IRFC said in its draft shelf prospectus.

The bonds would be issued in one or more tranches subject to the shelf limit for financial year 2013-14, it added.

According to IRFC, funds raised through the issue would be used for financing the acquisition of rolling stock which will be leased to the ministry of railways in line with present business activities.

IRFC is a dedicated financing arm of the ministry of railways.

SBI Capital Markets, A K Capital Services, Axis Capital, ICICI Securities and Kotak Mahindra Capital Company are the lead managers to the issue.

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