IDFC floats infra bonds

Briefing reporters, IDFC Executive Director Vikram Limaye said, the bonds have maturity of ten years. The subscription opening on September 30, 2010 will close on October 18, 2010. It will be listed on NSE and BSE.

The bonds provide deduction of Rs 20,000 from taxable income in a year leading to tax savings. These are being is issued under 4 series: Series-1, which carries 8 per cent interest payable annually, Series-2, a cumulative option, with 8 per cent interest compounded annually, Series-3, carrying 7.5 per cent interest payable annually and Series-4, cumulative option carrying 7.5 per cent interest  which can be compounded annually. Both, Series-3 and 4, come with a buyback option. They are tradable post lock-in period of five years.

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