25 December 2013

IRFC - Issue details Opening on January 06, 2014

Dear All, 
 
Please find attached Final Product Note  of - " Public Issue of Tax Free Bonds Issued by Indian Railway Finance Corporation Limited."  (Source: Prospectus dated December 19,  2013)  :
 
Issue Opening Date:       Jan  06, 2014
Issue Closing Date:          Jan 20, 2014*

ISSUE DETAILS:
  
 

Options
Series of Bonds 
Category I, II & III#  
Tranche I Series IA  Tranche I Series IIA      
Coupon Rate (%) p.a.
8.23
8.40
Annualized Yield (%)
8.23
8.40
                                                                                                                                                                                                                                       Series of Bonds  Category IV#
Options                                                                                    
                            Tranche I Series IB
Tranche I Series IIB
Coupon Rate (%) p.a.
8.48
8.65
Annualized Yield (%)
8.48
8.65
Common Terms                                                                                                                                                              
Series of Bonds Category I, II, III & IV*
Tenor10 Years15 Years
Redemption DateAt the end of 10 Years from the Deemed Date of AllotmentAt the end of 15 Years from the Deemed Date of Allotment
Redemption Amount (Rs/ Bond)Repayment  of  the  Face  Value  plus  any  interest  that  may  have  accrued  at  the Redemption Date
Frequency of Interest PaymentAnnual
Mode of Interest PaymentFor various modes of interest payment, see “Terms of the Issue – Modes of Payment on page 59 of Prospectus Tranche – I.
Coupon Payment DateFirst Interest payment is on April 15, 2014 and subsequently on April 15 of every year except the last interest payment along with the redemption amount.
Coupon Reset ProcessNot Applicable
Coupon TypeFixed




  
 

# In pursuance of CBDT Notification and for avoidance of doubts, it is clarified as under:
a. The coupon rates indicated under Tranche I Series IB and Tranche I Series IIB shall be payable only on the Portion of Bonds allotted to Category IV in the Issue. Such coupon is payable only if on the Record Date for payment of interest, the Bonds are held by investors falling under Category IV.
b. In case the Bonds allotted against Tranche I Series IB and Tranche I Series IIB are transferred by Category IV to Category I, Category II and/or Category III, the coupon rate on such Bonds shall stand at par with coupon rate applicable on Tranche I Series IA and Tranche I Series IIA respectively.
c. If the Bonds allotted against Tranche I Series IB and Tranche I Series IIB are sold/ transferred by the Category IV to investor(s) who fall under the Category IV as on the Record Date for payment of interest, then the coupon rates on such Bonds shall remain unchanged;
d. Bonds allotted against Tranche I Series IB and Tranche I Series IIB shall continue to carry the specified coupon rate if on the Record Date for payment of interest, such Bonds are held by investors falling under Category IV;
e. If on any Record Date, the original Category IV allotee(s)/ transferee(s) hold the Bonds under Tranche I Series IB and Tranche I Series IIB for an aggregate face value amount of over Rs. 10 lakhs, then the coupon rate applicable to such Category IV allottee(s)/transferee(s) on Bonds under Tranche I Series IB and Tranche I Series IIB shall stand at par with coupon rate applicable on Tranche I Series IA and Tranche I Series IIA respectively;
f. Bonds allotted under Tranche I Series IA and Tranche I Series IIA shall carry coupon rates indicated above till the respective maturity of Bonds irrespective of Category of holder(s) of such Bonds;
g. For the purpose of classification and verification of status of the Category IV of Bondholders, the aggregate face value of Bonds held by the Bondholders in all the Series of Bonds, allotted under the relevant Tranche Issue shall be clubbed and taken together on the basis of PAN.
The Company would allot Tranche I Series IA/IB Bonds (depending upon the category of Applicant) to all valid applications, wherein the applicants have not indicated their choice of the relevant series of Bonds in their Application Form.
 
QIB Portion
Corporate Portion
High Networth Individual Portion
Retail Individual Investor Portion
10% of the Overall Issue Size
20% of the Overall Issue Size
30% of the Overall Issue Size
40% of the Overall Issue Size

 

Check your loan eligibility :: Business Line


Gold import curbs: millions lose jobs

Kamal Kant, a 42-year-old goldsmith at one of India’s leading branded jewellery manufacturing unit in Coimbatore, lost his job this month.

“Since the last many decades I was working in this market and at this age, I know no other skill to earn bread,” said Kant. He is not alone.

The uncertainty over easing import curbs on the yellow metal has created a cloud over the future of industry workers. The move to tighten curbs on gold imports has severely hit the industry.
According to estimates of All India Gems and Jewellery Trade Federation, 2,500,000 to 4,000,000 artisans, gold smiths, craftsmen, salesmen and retailers have lost their jobs since September.
“The job loss numbers are huge and in multi lakhs. Due to the shortage of gold in the market, most of our staff is sitting idle,” said K Srinivasan, managing director, Emerald Jewel Industry India Ltd, which claims to be South Asia’s largest manufacturing unit for gold-based jewellery and employs around 3,000 workers.
“Survival is getting difficult also because of steepness of gold prices,” said Ashok Minawala, member, All India Gems and Jewellery Trade Federation.
However, a large number of employees work in this industry on a contractual basis and with the easing of import curbs, workforce will be back to normal.
According to the industry body, the jewellery industry employs around 20 million workers.
Falling demand and sales curbs are prompting firms to slash headcounts.
“This is the worst phase of the market where we have lost 10 lakh workers,” said Mehul Choksi, managing director, Gitanjali Gems.
Sandeep Kulhalli, vice-president, retail and marketing, Jewellery Division, Titan Company Ltd, said: “This is an industry observation and we have no comments to make on this.”