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REC, is offering 8% (for buyback after 5 years) and 8.10% (for a fixed tenure of 10 years – non buyback) coupon rate on this private placement. Unlike with other Infra Companies, its not offering cumulative schemes. The first annual interest shall be paid on 31 March 2012 thereafter it will be credited or dispatched every year.
Offering : The issue will open on Wednesday, 12th Jan 2011 and closes on Monday, 28th March 2011 .
Deemed Date of Allotment : 31st March, 2011 .
Registrar : Registrar for the issue is Beetal Financial & Computer Services (P) Ltd.
Mode of allotment : Demat & Physical .
LISTING and Trading : There is a proposal to list REC Long Term Infra Bond on NSE or BSE or on both exchange, however trading will only allowed after 5 year of completion and will be only for DEMAT mode applicant only.
TAX Saving : On a investment of Rs. 20,000/- a person with higher tax liability can saves tax upto Rs. 6,000/- with an interest as a bonus of Rs. 1600/ per year (8% on Option I) .
Scheme Benefit : The Infra Bond scheme is beneficial for them who already availed the tax benefit of Rs. 1,00,000/- (One lakh) under the various tax-saving instruments Under Section 80C, 80CCC, 80CCD.
Loan Facility : An investor can check for loan facility after the lock-in period.
Points to be noted :-
1. Bonds will be accepted in both physical & demat form. Please write sole/ First applicant’s name , phone no & application number on the reverse of the cheque.
2. Investor applying under physical option along with form & cheque, need to provide self attested copies of PAN & address proof & self attested cancelled cheque.
3. One bond is of Rs 5000/-. Minimum application is of 2 bonds & in multiples of one bond thereafter. An applicant may choose to apply for 2 bonds of same series or bonds across different series.
4. Cheque /DD should be drawn in favour of REC Long Term Infra Bond . It should be crossed a/c payee only.
5. Buyback facility is available only after 5 years of date of allotment . (only under Scheme Option – I)
6. Interest rate is 8% p.a. & 8.10% p.a. under the different plan.
7. There is no interest on application money & interest on refund application amount.
However, in case of allotment then Interest on application money (at the prescribed rate) from the date of credit in REC Bank Account to the date of allotment shall be paid with first annual interest payment.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Rural Electrification Corporation (REC) a Public Sector company has came with its much awaited Infra Bond. The issue size is 50 crores with a green-shoe option to retain over-subscription for issuance of additional Infrastructure Bonds. The said scheme is eligible for tax deduction under section 80 CCF of the Income Tax act, 1961 .
REC, is offering 8% (for buyback after 5 years) and 8.10% (for a fixed tenure of 10 years – non buyback) coupon rate on this private placement. Unlike with other Infra Companies, its not offering cumulative schemes. The first annual interest shall be paid on 31 March 2012 thereafter it will be credited or dispatched every year.
Offering : The issue will open on Wednesday, 12th Jan 2011 and closes on Monday, 28th March 2011 .
Deemed Date of Allotment : 31st March, 2011 .
Registrar : Registrar for the issue is Beetal Financial & Computer Services (P) Ltd.
Mode of allotment : Demat & Physical .
LISTING and Trading : There is a proposal to list REC Long Term Infra Bond on NSE or BSE or on both exchange, however trading will only allowed after 5 year of completion and will be only for DEMAT mode applicant only.
TAX Saving : On a investment of Rs. 20,000/- a person with higher tax liability can saves tax upto Rs. 6,000/- with an interest as a bonus of Rs. 1600/ per year (8% on Option I) .
Scheme Benefit : The Infra Bond scheme is beneficial for them who already availed the tax benefit of Rs. 1,00,000/- (One lakh) under the various tax-saving instruments Under Section 80C, 80CCC, 80CCD.
Loan Facility : An investor can check for loan facility after the lock-in period.
Points to be noted :-
1. Bonds will be accepted in both physical & demat form. Please write sole/ First applicant’s name , phone no & application number on the reverse of the cheque.
2. Investor applying under physical option along with form & cheque, need to provide self attested copies of PAN & address proof & self attested cancelled cheque.
3. One bond is of Rs 5000/-. Minimum application is of 2 bonds & in multiples of one bond thereafter. An applicant may choose to apply for 2 bonds of same series or bonds across different series.
4. Cheque /DD should be drawn in favour of REC Long Term Infra Bond . It should be crossed a/c payee only.
5. Buyback facility is available only after 5 years of date of allotment . (only under Scheme Option – I)
6. Interest rate is 8% p.a. & 8.10% p.a. under the different plan.
7. There is no interest on application money & interest on refund application amount.
However, in case of allotment then Interest on application money (at the prescribed rate) from the date of credit in REC Bank Account to the date of allotment shall be paid with first annual interest payment.
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