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Tax-free bonds from IIFCL
February, 20th 2009

India Infrastructure Finance Company Ltd (IIFCL) has launched the second tranche of its tax-free bonds, aiming to mobilise Rs 2,370 crore through the private placement route.

The bond offering is for Rs 1,000 crore with a greenshoe option. Under this offering, there is an overall cap of Rs 2,630.7 crore that we could raise, a IIFCL official said. The closing date for the issue is March 6.

IIFCL has also, this time round, reduced the ticket size of investment to Rs 10 lakh to expand the participation of individuals in the private placement.

Govt to convert MSS bonds for Rs 45,000 cr borrowing

In the first tranche, the minimum investment level was pegged at Rs 1 crore and IIFCL had raised Rs 7,369.30 crore.

The tax-free bonds will carry 6.85 per cent interest payable annually and a term of five years.

More tax-free bonds from IIFCL

For 2008-09, the central board of direct taxes had approved tax benefits for bonds amounting to Rs 10,000 crore.

Meanwhile, IIFCL has recorded a net profit of Rs 51.25 crore for the nine-month period ended December 2008 as compared with net profit of Rs 11.38 crore recorded in the same period in the previous year.

Operating profit for the period under review touched Rs 123.17 crore (Rs 23.24 crore).

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