As per the terms of the CBDT notification, the aggregate volume of the issue of bonds by the company during the fiscal 2013 shall not exceed Rs 10,000 crore.
The company has already raised Rs 1,113.6 crore through the private placements of bonds. "In case company raises any further funds through private placement not exceeding Rs 2,500 crore, i.e. upto 25% of the allocated limit for raising funds through tax free bonds during fiscal year 2013, during the process of the present issue, the shelf limit for the issue shall get reduced by such amount raised," the company said in its draft prospectus.
In case of series I, the interest rate of 7.68 percent is applicable to retail investors and HUFs while for the qualified institutional buyers and HNIs the interest rate is 7.18 percent.
In case of series II, the interest rate of 7.84 percent is applicable to retail investors and HUFs while for the qualified institutional buyers and HNIs the interest rate is 7.34 percent.
Investors will received the payment of interest on annual basis and these bonds will get redeemed after 10 (Series I) & 15 (Series II) years from the deemed date of allotment.
Bids can be made for a minimum of 5 bonds and in multiples of one bond thereafter.
SBI Capital Markets Limited, A.K. Capital Services Limited, Enam Securities Private Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the issue.
Rating agencies namely CRISIL, CARE and ICRA have assigned AAA rating with stable outlook.
The bonds are proposed to be listed on BSE and NSE within 12 working days of the respective issue closing date.
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