State-run Rural Electrification Corp (REC's) public issue of tax-free bonds will
open for subscription on 30th August. The company is looking at raising Rs
3,500 crore by issuing bonds in three different tenures 10-year, 15-year and 20-
year. The tax-free coupon rate on these bonds will be between 8.01%, 8.46%
and 8.37% for 10-year, 15-year and 20-year respectively. Meanwhile, retail
investors will be offered 8.26%, 8.71% and 8.62% respectively. The issue will
have a 40% reservation for retail investors, while 20% each for high-networth
individuals (HNIs), corporates and qualified institutional buyers (QIBs). REC will
use the capital raised through this bonds for lending purposes. The lead
managers to the issue are ICICI Securities, A K Capital Services, Axis Capital
and Edelweiss Financial Services.
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