L&T Infrastructure to issue tax-saving infra bonds
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.
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