IDFC launches Rs.3400 crore infrastructure bonds
The issue opens September 30, 2010, and shall close on Monday, October 18, 2010, or earlier, as may be decided by the Board.
The Bonds are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) and are subject to statutory lock-in for a period of five years from the deemed date of allotment.
The Bonds are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) and are subject to statutory lock-in for a period of five years from the deemed date of allotment.
The Bonds are classified as “long term infrastructure bonds” and are being issued in terms of section 80CCF of the Income Tax Act.
In terms of the notification of Section 80CCF, an amount, not exceeding Rs. 20,000 per annum, paid or deposited as subscription to long term infrastructure bonds during the previous year relevant to the assessment year beginning April 01, 2011 shall be deducted in computing the taxable income of a resident individual or Hindu Undivided Family (HUF), it said.
Note: LIC plans to approach sector regulator IRDA in the next 8-10 days to get approval for floating infrastructure bonds.
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