IFCI's Rs 250 cr NCD issue fully subscribed

State-owned term lending firm IFCI's public issue of Rs 250 non-convertible debentures has been subscribed fully.
"IFCI's public issue of secured, redeemable, non- convertible debentures opened on October 20, 2014 has been fully subscribed," the company said in a statement.
"As against the basic issue size of Rs 250 crore, bids have been received for more than Rs 270 crore by 30th October, 2014," it added.
The company has the option to retain the over-subscription up to the shelf limit of Rs 2,000 crore.
The issue is proposed to be opened till November 21, with an option for early closure or extension.

"So far, maximum bids have been received for 10 years' tenure with annual interest option, carrying interest rate of 9.9 per cent per annum for institutional investors and 10 per cent for individuals," it said.

The allotments are on first-come-first-serve basis subject to allocation ratio for various categories of investors, it added.
The NCDs will be offered in three different tenures of 5 years, 7 years and 10 years with varying coupon rates ranging from 9.4 per cent to 9.10 per cent. They will also carry a cumulative option for all three tenures of 5,7 and 10 years.
The money raised will be used towards fresh loans; 25 per cent will be used for general business purposes, while 75 per cent will be used for specific purpose.

SBI Capital Markets, AK Capital Services, Edelweiss Financial Services and RR Investors Capital Services are the lead managers to the issue.
The IFCI scrip closed 2.82 per cent up at Rs 36.50 on the BSE.