IIFCL to raise up to Rs 1,200 cr from bonds

India Infrastructure Finance Company Ltd (IIFCL) has announced a public issue of long-term infrastructure bonds to raise up to Rs 1,200 crore. Proceeds from the issue are proposed to be used for the company’s infrastructure lending activities, Chairman and Managing Director S K Goel said here on Tuesday.

The issue, which opened for subscription on February 4, would close on March 4. With a lock-in period of five years, the tax-saving bond had four series. The rates of interest were 8.1-8.3 per cent, Godel said. The face value of the bond was Rs 1000.

The bonds are proposed to be listed on the Bombay Stock Exchange. They have been assigned a credit rating of “AAA/ Stable” by Crisil and “CARE AAA” by Care, indicating ‘highest safety’ with regard to the timely payment of interest and repayment of the principal amount.