Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: cpt :: empanelment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: TDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT Audit :: ACCOUNTING STANDARDS
 
 
« Indirect Tax »
 GST may lead to better operating profit margin for multiplex operators
 Indirect taxes must equal direct taxes
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
 GST would match or be lower than the multiple indirect taxes on real estate
 Tax incidence under GST lower than current indirect taxes
 Here's the complete list of pre-GST discounts being offered by companies
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
 Here’s all you need to know about TDS and why it is deducted
 New indirect tax regime
 Income tax rates, tax-free limit to stay unchanged
 Revised tax reform bill to benefit consumers

IRFC tax-free bonds subscribed four times on day one
March, 12th 2016

Indian Railways Finance Corporation's ( IRFC) tax-free bonds were oversold, almost four times higher than planned. With this, the issuer marked the season's end although the issue would remain open for subscription till Monday next as the retail portion is not fully subscribed.

The company on Thursday received bids for Rs 9,452 crore against Rs 2,450 crore, the total issue size. However, the retail portion, which was 60% of the size, was not fully subscribed, and limited to 0.72 times till Thursday.

Earlier on Wednesday, another state-owned entity National Bank for Agriculture and Rural Development opened similar taxfree bond subscription but only to raise Rs 3,500 crore. It has so far received bids for Rs 14,072 crore, four times higher than the actual size. But, it too fell short of retail subscriptions, which are now at 0.82 times of the investment limit. Both bonds are offering rates at 7.29-7.64% with 10 and 15-year maturities.

"The residual retail limits would be over by next few days as the issue remains open," said Ajay Manglunia, executive vice president-fixed income at Edelweiss Finance. "There's no ebbing of investor interest. It is just that some equity investment options have taken away some retail money."

For instance, the government sold 5% stake in Container Corporation of India (Concor) through the Offer for Sale route. It too has oversubscribed tapping retail money. Also, investors are partially flocking back to equities with the Sensex rising since the budget announcements. "Residual retail limits do not suggest any ebbing of invest appetite but a question of temporary liquidity matter amid the government's disinvestment plans," said Deepak Panjwani, head of debt markets at GEPL Capital.

The government allowed the additional fund raising on condition that a higher portion of the issue is set aside for retail investors, who can buy up to 60% of these bonds compared with 40% in earlier issues sold this financial year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions