Icici Touches Nebritish Gas-Gail Venture Finds Debt Route

ICICI has created a record of sorts by fixing a low level of Rs 10,000 as the minimum subscription amount for its privately placed bonds issue. The minimum subscription for most bonds placed privately by financial institutions and public sector undertakings is Rs 1 lakh.

Earlier, IFCI had structured a privately placed bond with a minimum subscription of Rs 20,000. Financial circles said that institutions are now tapping individuals including those with black money. It is difficult for authorities to trace purchasers of bonds for lower denominations. Bonds are usually sold to public and private institutions including religious trusts.

But they are now being peddled by brokers, some of whom do their bit to publicise the issues.