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IREDA Tax Free Bonds-Tranche I - February 2014

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Indian Renewable Energy Development Agency Limited (IREDA) is launching Tax free secured redeemable non convertible bonds of face value of  Rs. 1,000/- each, in the nature of debentures from February 17, 2014, having benefits under section 10(15) (iv)(h) of the Income Tax Act.

The issue size of the bonds is Rs.  500 Crores with an option to retain oversubscription up to Rs. 500 crores for issuance of additional Bonds aggregating to a total of upto  Rs. 1,000 Crores. in the Fiscal 2014.

 

Details of Issue:

  • Issue Opening Date: February 17, 2014
  • Issue Closes: March 10. 2014
  • Issue Price/ Face Value: Rs. 1,000 per Bond
  • Minimum application size: 5 bonds (Rs. 5000) individually or collectively across all Series of Bonds
  • Coupon payment frequency: Annual
  • Coupon payment dates: The date, which is the day falling one year from the Deemed Date of Allotment, in case of the first coupon/ interest payment and the same day every year, until the Redempti ion Date for subsequent coupon/ interest payment.
  • Coupon type: Fixed
  • Tenor: 10 years, 15 years and 20 years from the Deemed Date of Allotment
  • Redemption Dates: For Tranche I Series IA and Tranche I Series IB, the date, falling 10 years from the Deemed Date of Allotment; for Tranche I Series IIA and Tranche I Series IIB the date falling 15 years from the Deemed Date of Allotment; and for Tranche I Series IIIA and Tranche I Series IIIB, the date falling 20 years from the Deemed Date of Allotment
  • Redemption Amount: Repayment of the face value amount of Bonds plus any interest at the applicable coupon/ interest rate that may have accrued on the Maturity Date/Redemption Date
  • Redemption Premium /Discount: Not Applicable
  • Credit Rating of the instrument: BWR AAA (SO) [pronounced BWR Triple A (Structured Obligation)] (Outlook: Stable)” by Brickwork and “CARE AAA (SO) [Triple A (Structured Obligation)]” by CARE

Terms of the issue:

Series of Bonds

For Category I, II & III

Options

Tranche-I Series IA

Tranche-I Series IIA

Tranche-I Series IIIA

Tenure (years)

10

15

20

Interest rate (%) p.a.

8.16%

8.55%

8.55%

For Category IV only

Options

Tranche-I Series IB

Tranche-I Series IIB

Tranche-I Series IIIB

Interest rate (%) p.a.

8.41%

8.80%

8.80%

Option Details:

Option I: QIB
Option II: Corporate
Option III: Resident Individuals & HUF (Aggregating to above Rs. 10 lacs across all Series in the tranche issue)
Option IV: Resident Individuals & HUF (Aggregating to up to and including Rs. 10 lacs across all Series in the tranche issue)

 

 

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