Wednesday, 28 August 2013

[www.keralites.net] REC Tax Free Bonds issue opens 30th August,2013

 

REC Tax Free Bonds issue opens 30th August,2013
 
REC's public issue of Secured Redeemable Tax-Free Bonds closes 23rd September, but the opportunity may be over soon in case the company gets necessary funds

State-run Rural Electrification Corp (REC) public issue of Secured Redeemable Tax-Free bonds will open for subscription on 30th August. The issue closes 23rd September, but the opportunity may be over soon in case the company gets necessary funds quickly from early subscribers.
The tranche issue by the issuer is of bonds for an amount of Rs1,000 crore with an option to retain oversubscription upto Rs2,500 crore aggregating upto Rs3,500 crore. REC will use the capital raised through this bonds for lending purposes.
The tax-free coupon rate on these bonds will be 8.26%, 8.71% and 8.62% for 10, 15 and 20 years respectively. Non-retail investors will get 0.25% lower rate; it will be 8.01%, 8.46% and 8.37% for 10, 15 and 20 year respectively.
The issue will have a 40% reservation for retail investors, while 20% each for high-networth individuals (HNIs), corporates and qualified institutional buyers (QIBs).

The lead managers to the issue are ICICI Securities, A K Capital Services, Axis Capital and Edelweiss Financial Services.
 
Note : For more details, please contact the Issue/Lead Managers

Best Regards
Prakash Nair
Certified Personal Financial Advisor(CPFA)
www.keralites.net

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