L&T Infrastructure bond issue will close on December 24, 2011
L&T Infrastructure Finance Company Ltd to issue Tranche 1 Bonds starting , on November 25, 2011, through a public issue of long term infrastructure bonds with a face value of Rs1,000 each in the nature of secured, redeemable, non-convertible debentures having benefits under Section 80CCF of the Income Tax Act, 1961, aggregating up to Rs1,100 crore for FY2012. The minimum subscription will be five bonds and in multiples of one bond thereafter.
The bond issue will close on December 24, 2011, or earlier, as may be decided by the company. The first tranche of bonds will carry an interest rate of 9% per annum payable annually or compounded annually. The Tranche 1 Bonds are proposed to be listed on BSE.
The bonds have been rated ‘CARE AA+’ by CARE and ‘[ICRA] AA+’ by ICRA considered to offer high safety for timely servicing of financial obligations.
The bonds will carry a minimum lock-in period of five years from the date of allotment and can be redeemed after ten (10) years from the date of allotment.
IRDA has introduced a mobile application that would enable people to compare insurance products and premium rates
Buyers of unit-linked products (ULIP) can now compare on their mobile phones schemes offered by different life insurance companies.
The Insurance Regulatory and Development Authority (IRDA) has introduced a mobile application that would enable people to compare insurance products and premium rates.
"The application lets users of mobile phones/devices with internet connectivity check and compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after 1st September, 2010," the IRDA said in a statement today.
It would work on Android, iPhone, Nokia and Blackberry platforms and all other mobiles with internet connectivity.
"The application has been developed with the objective of providing a mechanism for consumers to make informed decisions by comparing features of insurance products through mobiles," IRDA said.
The users would be able to compare the features of ULIP, such as premium, benefits, among others.
Entire Opposition and Trinamool Congress protested against the decision by creating uproar in both the Houses, which were adjourned till Monday
New Delhi: The Indian government on Friday informed the Parliament that it has allowed 51% foreign direct investment (FDI) in multi-brand retail, a decision which faced strong criticism, including from Trinamool Congress a key ally of the United Progressive Alliance (UPA) government, reports PTI.
In a statement, Commerce and Industry Minister Anand Sharma said both in the Lok Sabha and Rajya Sabha that the policy on single brand retail has also been liberalised, removing the 51% cap on FDI.
Allowing FDI in multi-brand retail, which is dominated by neighbourhood stores, will be subject to riders including a minimum investment of $100 million or about Rs5,200 crore. At least 50% of the investment would in the back-end infrastructure like cold storage, packaging and other logistics. The global retail chains like Walmart and Carrefour will have to source at least 30% of their requirements from small industries. Besides, they will be allowed only in cities with one million people.
The entire Opposition and Trinamool Congress protested against the decision by creating uproar in both the Houses. Trinamool Congress members joined the Opposition and trooped into the Well shouting slogans against the decision.
In the Rajya Sabha, Mr Sharma's statement giving details of the decision was torn into pieces by CPI-M and BJP members. In the din, the minister could not complete his statement and both Lok Sabha and Rajya Sabha were adjourned until Monday.