REC tax free bonds which are slated to open on March 6, will be the last opportunity to subscribe to tax free bonds for FY 2011-2012. The Bond Series 1, which has a duration of 10 years, will carry a coupon rate of 8.13% for retail investors and 7.93% for other category of investors.
The Bond Series II, which has a redemption period of 15 years will carry a coupon rate of 8.32% for retail investors and 8.12% for other category of investors.
Interest income earned from these bonds are tax free and would not be added to total income for computation of tax. Interest will be paid annually on these bonds.
Crisil has assigned a credit rating of “CRISIL AAA/Stable” to the long term borrowing programme of the company aggregating to 280,000 million. Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.
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