It has been announced that the India Infrastructure Finance Company Ltd (IIFCL) is likely to make its first set of tax-free bonds available to investors by the first week of February.
The bonds, which will be open to both foreign and domestic investors will be issued until the end of March next year in a bid to try to generate extra revenue for the country's infrastructure sector. The bonds will have a similar rate of interest applied to them as the 8% given to 10-year government bond paper.
In addition to this, the IIFCL has also revealed that it may also be permitted by the government to begin selling the tax-free bonds abroad from the beginning of April.
The IIFCL will raise the capital for the bonds through both public and private schemes.
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