Monday, October 7, 2013
by
Indian Real Estate News
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RETAIL investors are spoilt for choice with two mega tax-free bond issues hitting the market with coupon rates higher than bank fixed deposits and prevailing public provident fund (PPF) rates.
India Infrastructure Finance Company's (IIFCL's) Rs 2,500 crore tax-free bond issue with coupon rate as high as 8.75 per cent opens on October 3, as per the details available on the stock exchanges.
Bank fixed deposit rates at 9 per cent with tax obligations and PPF rates at 8.7 per cent fixed for FY14 offer a tad lower interest income.
Housing and Urban Development Corporation (Hudco) tax-free bonds issue aiming to raise Rs 4,809.20 crore, which are also offering similar coupon rates, opened on September 17 and will close on October 14.
IIFCL has a mandate to issue tax-free bonds worth Rs 7,036.80 crore in FY14 from the central board of di
rect taxes. The first tranche opening October 3 will issue tax-free bonds worth Rs 2,500 crore. The issue will be open for subscription till October 31.
These bonds offer tenures of 10, 15 and 20 years. The coupon rate for retail individual subscribers opting for a 20-year tenure has been fixed at 8.75 per cent.
Hudco bond issue offers a coupon rate of 8.76 per cent for 15-year bond, 8.74 per cent for 20-year bond, and 8.39 per cent for 10-year bond for retail individual investors.
The coupon rate for retail investors has been fixed at 8.63 per cent for 15-year bond and 8.26 per cent for 10-year bond.
For corporate and institutional investors, the 20-year bond carries a coupon rate of 8.50 per cent, 15-year bond a coupon rate of 8.38 per cent and 10-year bond a coupon rate of 8.01 rate.
IIFCL 's bonds have been assigned AAA rating by ICRA, CARE, India Ratings and Brickwork Rating.
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