Infrastructure Development Finance Company received a total subscription amount of approximately around Rs 538.08 crore (provisional) from approximately 2.7 lakh investors (including resident Indian individuals and hindu undivided families) through the public issue of first tranche of long term infrastructure bonds with a face value of Rs 5,000 each in the form of secured, redeemable, non-convertible debentures, having benefits under section 80CCF of the Income Tax Act, 1961.
The company is making a public issue of bonds for an aggregate amount not exceeding Rs 5,000 crore for FY 2012 under the shelf prospectus dated September 29, 2011 filed with the registrar of companies, Tamil Nadu, stock exchanges and the Securities and Exchange Board of India (SEBI) on September 29, 2011 and the respective tranche prospectus.
The first tranche of bonds are being issued by the company on the terms set out in the shelf prospectus and the prospectus – tranche 1 filed with the ROC on November 11, 2011. The subscription amount collected through issue of the Tranche 1 Bonds for FY 2012 is approximately 14% more than the corresponding subscription amount collected through the issue of first tranche of the tax-saving long term infrastructure bonds in November, 2010, for FY 2011.
The issue of tranche 1 bonds opened for subscription on November 21, 2011, and closed on December 16, 2011, (earliest closing date) as decided by the Board of the Company. The tranche 1 bonds were issued in two series (Series 1 tranche 1 bonds carrying annual interest payments whereas series 2 tranche 2 bonds carrying cumulative interest payments) and carried an interest rate of 9% per annum.
The Tranche 1 Bonds have been rated as (ICRA) AAA by ICRA and Fitch AAA (Ind) by Fitch. While the ICRA rating indicates highest credit quality and stable outlook, the Fitch rating indicates a long term stable outlook. The ratings are considered to offer high safety for timely servicing of debt obligations. The tranche 1 bonds are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
In June 2010, IDFC got the Infrastructure Finance Company (IFC) status within the NBFC category from the Reserve Bank of The Company had successfully raised Rs. 1,451 crore from over 7.3 lakh retail investors through the issue of the long-term infrastructure bonds in Fiscal 2010-11.
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