IFCI raises Rs 575 cr via bonds

Infrastructure lender firm IFCI today said it has raised Rs 575 crore through issuance of bonds on a private placement basis.
The bonds issue opened on April 25 and closed on April 29.
The bonds carrying coupon rate of 8.55 per cent semi-annually are of five-and-half-years of tenure.
"IFCI has successfully raised Rs 575 crore through non-convertible bonds by way of private placement," the company said in a statement.
The face value of each bond, in the nature of debenture, is Rs 10 lakh. The bonds are proposed to be listed on BSE.
The deemed date of allotment of these bonds is May 3, 2016, and date of maturity is November 3, 2021.

During the last couple of years, IFCI has been successful in reducing its cost of funds and this bond issue shall provide further impetus to its efforts.