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L&T Infra Finance to sell Rs1100 crore of tax-saving bonds

L&T Infra Finance to sell Rs1100 crore of tax-saving bonds
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First Published: Thu, Nov 24 2011. 03 35 PM IST

File photo Bloomberg
File photo Bloomberg
Updated: Thu, Nov 24 2011. 03 35 PM IST
Mumbai: L&T Infrastructure Finance, a fully owned unit of Larsen & Toubro Limited, is planning to raise Rs 1100 crore via public issue of long-term infrastructure bonds or tax-saving bonds at 9%.
The bonds, which will carry a minimum lock-in period of 5 years from the date of allotment, can be redeemed after 10-years, the company said in a release.
File photo Bloomberg
The bondholder has the options to exit at end of 5 years, after 7 years and after 10 years which is at the time of redemption.
The issue, which will open on 25 Nov and close on 24 Dec, is rated “AA+” by CARE and ICRA.
ICICI Securities Ltd, JM Financial and Karvy Investor Services are the lead arrangers to the deal, it said.
Applicants get a tax benefit to the extent of Rs 20,000 for investing in long-term infrastructure bonds under Section 80 CCF of Income Tax Act.
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First Published: Thu, Nov 24 2011. 03 35 PM IST