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L&T Infrastructure Bonds

AFTER IFCI and IDFC, L&T Infra is the third institution to offer infra bonds.

The Product:

The bonds on offer have four different investment options. The face value of each bond is 1,000 and applicants will have to subscribe to a minimum of five bonds. All the four options have a 10-year tenor. All the bonds will be listed on NSE and can be traded after the initial lock-in of five years. Series 1 and 2 will pay interest rate of 7.75% per annum and have a buyback facility after seven years, while series 3 and 4 will pay an interest of 7.5% per annum and have a buy back facility after five years. IDFC, whose issue is on till October 22, pays a marginally higher interest of 8%. The issue closes on November 2, 2010.

Who Should Apply?:

The maximum amount of income not chargeable to tax in case of individuals (other than women assesses and senior citizens) and HUFs is 160,000. Hence, those whose income exceeds these slabs can apply. By investing 20,000 a person who is in the highest tax bracket of 30.9% can save up to 6,180 those in 20.6% tax bracket save 4,120 while those in the 10.3% tax bracket save 2,060.

Why To Apply?:

This limit of 20,000 per annum is in addition to Section 80C, 80CCC and 80CCD. L&T Infra has been rated Care AA+ and LAA+ by ICRA, which signify high safety for timely servicing of debt obligations and low credit risk.

Why Not To Apply:

The bonds are locked in for a period of five years, so there is no exit in case you need the money midway.

 

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