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Tuesday, January 24, 2012

IRFC Tax Free Bonds - Download Application Form

Public Issue of Secured Tax Free Bonds by Indian Railway Finance Corporation Limited

The public issue of IRFC Tax Free Bonds is going to hit the markets by Monday, January 21, 2013.

As per the Prospectus the Bonds shall be issued in forms of Tax Free, Secured, Redeemable, Non-Convertible in the nature of Debentures with face value of Rs. 1000 each. The interest on these Bonds shall be exempt from income tax and shall not be included while computing the total income as per provisions under section 10 (15) (iv) (h) of Income Tax Act, 1961.

Issue Structure

Issuer: Indian Railway Finance Corporation Limited

Issue Opening Date:
Monday, January 21, 2013
Issue Closing Date: Tuesday, January 29, 2013

Mode of issue and nature of instrument:
Public issue by Indian Railway Finance Corporation Limited of tax free, secured, redeemable, non-convertible bonds of face value of Rs 1,000 each in the nature of debentures having tax benefits under section 10(15)(iv)(h) of the Income Tax Act, 1961, as amended, aggregating up to Rs 8886.40 crore* in the Fiscal Year 2013. The Bonds will be issued in one or more tranches subject to the Shelf Limit. This Tranche Issue by the Issuer of bonds aggregating to Rs 1000 crores with an option to retain oversubscription upto the Shelf Limit* (i.e. Upto Rs 8886.40 crores*) and is being offered by way of the Prospectus Tranche-1 containing, inter alia, the terms and conditions of the Tranche-1, which should be read together with the Shelf Prospectus dated December 21, 2012 filed with the RoC, BSE(Designated Stock Exchange), NSE and SEBI.
* Pursuant to the CBDT Notification, IRFC has raised Rs 1113.60 crores through the private placements of Bonds. In case IRFC raises any further funds through private placement not exceeding Rs 2500 crores, i.e. upto 25% of the allocated limit for raising funds through Tax Free Bonds during Fiscal Year 2013, during the process of the present Issue, the Shelf Limit for the Issue shall get reduced by such amount raised.

Mode of issue:
Public Issue

Base Issue Size Option to retain oversubscription: Rs 1,000 Crores Upto the Shelf Limit (i.e., up to Rs 8,886.40 Crores*)

Security: Secured by creating a first pari-passu charge on the movable assets of the Company comprising of rolling stock such as wagons, locomotives and coaches by a first pari passu charge, present and future, as may be agreed between the Company and the Debenture Trustee, pursuant to the terms of the Debenture Trust Deed.

Security cover: At least one time of the value of the total outstanding Bonds

Listing: The Bonds are proposed to be listed on BSE and NSE. BSE is the Designated Stock Exchange for the Issue.

Credit Ratings: “CRISIL AAA/Stable” by CRISIL, “[ICRA] AAA” by ICRA and “CARE AAA” by CARE

Issuance mode: In dematerialised form as well as in physical form, at the option of Applicants

Trading mode: *In dematerialised form only.

Interest Payment Date: October 15 every year

Interest on application monies received which are used towards allotment of Bonds:@ 7.18%p.a. and 7.34% p.a. for the Tranche-1 Series I Bonds and Tranche-1 Series II Bonds, respectively for Allottees under Categories I, II and III (except for ASBA Applicants) subject to deduction of tax at source, as applicable

@ 7.68%p.a. and 7.84%p.a. for the Tranche – 1 Series I Bonds and Tranche – 1 Series II Bonds, respectively for Allottees under Categories IV, (except for ASBA Applicants) subject to deduction of tax at source, as applicable

Interest on refund money: @ 5% p.a (except Application Amounts received after the Issue Closure Date and ASBA Applicants), subject to deduction of tax at source, as applicable
Issue Price: Rs. 1,000 per Bond

Put/Call Option: Not applicable

Deemed Date of Allotment: Deemed Date of Allotment shall be the date on which the Directors of the Company or any committee thereof approves the allotment of the Bonds for each Tranche Issue or such date as may be determined by the Board of Directors or any committee thereof and notified to the stock exchanges. All benefits relating to the Bonds including interest on Bonds (as specified for each tranche by way of Tranche Prospectus) shall be available to the investors from the Deemed Date of Allotment. The actual allotment of Bonds may take place on a date other than the Deemed Date of Allotment.

Depositories: NSDL and CDSL


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