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L&T Infra Finance tax free infrastructure bond opens today - LONG TERM INFRASTRUCTURE BONDS Tranche 1 Nov 2011

L&T Infra Finance, a unit of Larsen & Toubro, on Thursday launched the first tranche of its Rs 1,100 crore long-term infrastructure bonds in two series with 9 per cent coupon rate.

The bond issue is aimed at retail investors, who can subscribe to a minimum of five bonds and in multiples of one bond, thereafter.

Each bond would have a face value of Rs 1,000. The bonds will have a maturity of 10 years and a lock-in period of five years, with a buyback option after the fifth year and the seventh year from the date of issue, the company said.

The bonds will be listed on the Bombay Stock Exchange (BSE) and investors can exit the bonds in the secondary market after the completion of the lock-in period.

Financial Chronicle on Wednesday reported the launch of infra bonds by L&T Infra. The issue will open on November 25 and close on December 24.

The bonds are secured, redeemable, non-convertible debentures having benefits under the section 80 CCF of the Income Tax Act, 1961. As per the terms of

the CCF, an amount not exceeding Rs 20,000 per annum, shall be deducted from the taxable income and would be over and above the Rs 1,00,000 deduction that is given under 80C of the Income Tax Act.

The bonds would be issued in the dematerialised format and investors can even buy it in physical format if they don't have a PAN card or demat account.

In the second year of its launch, infrastructure bonds have attracted the attention of retail investors and companies alike, with a host of launches that began in September by IFCI, followed by PFC and IDFC.


Last year, L&T raised around Rs 456 crore, while IDFC raised around Rs 1,400 crore.

The lead managers to the L&T Infra bonds are ICICI Securities, JM Financial Services, and Karvy Investor Services.
 

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