With the infrastructure sector facing some financial crunch, companies who are coming up with financial products to offer lending to the sector.
Srei Infrastructure Finance has issued a long-term infrastructure bonds, not exceeding Rs500 crore, which will be utilised for infrastructure lending. The bonds, with a face value of Rs1000 each, are being issued in the form of Secured Redeemable Non-Convertible Debentures for the Fiscal 2011-12. The bonds will offer benefits under Section 80CCF of the Income Tax Act, 1961.
The first tranche of the bonds issue opened for subscription on December 31, 2011 and it will close on January 31 or earlier. The bonds issued under Prospectus Tranche – I would be for an amount not exceeding Rs300 crore and are proposed to be listed on the BSE.
These bonds are being issued in four series with interest rate of 8.90% per annum for Series 1 and Series 2 and 9.15% per annum for Series 3 and Series 4. All Series of bonds will have a buy back option at the end of five years. The Bonds have a maturity period of ten years and 15 years and shall have a lock-in period of five years and can be traded thereafter on BSE.
NHAI also issued an infra bonds last month.
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