Issue of Long-Term Infrastructure bonds by the Company under Section 80CCF of Income Tax Act, 1961 the Tranche-1Bond Issue opens on November 25, 2011 Interest rate of 9% per annum payable annually or compounded annually.
Issue Opens: November 25th 2011
Issue Closes: December 24th 2011
Face Value Rs.1,000
Issue Price Rs.1,000
Series 1 of the Bonds, the interest rate is 9% payable annually and in the case of Series 2, the interest rate is 9% compounded annually payable at the end of maturity or buyback.
The maturity is 10 years from the deemed date of allotment.
Lock In period: 5 years from the Deemed Date of Allotment
5 Tranche 1 Bonds and in multiples of 1 Tranche 1 Bond thereafter. For the purpose of fulfilling the requirement of minimum application of 5 Tranche 1 Bonds, an Applicant may choose to apply for the Tranche 1 Bonds across the same series or different series.
Buyback options are available to the Investors on the first Working Day after the expiry of 5 years from the Deemed Date of Allotment or on the first Working Day after the expiry of 7 years from the Deemed Date of Allotment, as the case may be.
The Bonds have been rated ‘CARE AA+’ by CARE and ‘[ICRA] AA+’ by ICRA considered to offer high safety for timely servicing of financial obligations.
The investment up to Rs. 20,000 made will be eligible for tax benefits in the year of investment under Section 80 CCF of the Income Tax Act, 1961.
The Tranche 1 Bonds are classified as “long term infrastructure bonds” and are being issued in terms of Section 80CCF of the Income Tax Act, 1961 and the Notification. In accordance with Section 80CCF of the Income Tax Act, 1961 the amount, not exceeding Rs. 20,000, paid or deposited as subscription to long-term infrastructure bonds during the previous year relevant to the assessment year beginning April 01, 2012 shall be deducted in computing the taxable income of a resident individual or HUF.
Contact Harish Soneji to subscribe to this bond – +91 9920328954 | Email – email@example.com