By IANS,
Mumbai : The National Highways Authority of India (NHAI) will raise Rs.10,000 crore through public issue of “Tax Free Secured Reedeemable Non-Convertible Bonds” of Rs.1,000 each, for part financing some of its major development projects, an official said here Monday.
These bonds would have tax benefits under the section 10(15)(iv)(h) of the Income Tax Act, 1961, in one or more tranches in financial year 2011-12. The issue be open from Dec 28 to Jan 11, 2012, the official said.
The highways bonds are being issued in two series – Tranche-1 and Tranche-2 with a tenure of 10 and 15 years and interest at 8.20 percent and 8.30 percent respectively.
The issue, under Tranche-1, is aimed to aggregate Rs.5,000 crore with an option to retain over-subscription up to Rs.10,000 crore.
The Tranche-1 has been rated as CRISIL AAA/Stable by CRISIL, CARE AAA by CARE and FITCH AAA (IND) with stable outlook by Fitch, indicating highest degree of safety and lowest credit risks.
The bonds offered through this issue are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
SBI Capital Markets Ltd and A.K. Capital Services Ltd are the lead managers to the issue while ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd are also involved for the marketing.
NHAI, enjoying autonomous status under the road transport and highways ministry, is responsible for the management of a network of nearly 71,000 km of national highways spanning the length and breadth of the country.