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    REC tax free bonds: first tax free bonds for 2012-2013

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    REC tax free bonds: first tax free bonds for 2012-2013
    REC tax free bonds will open subscription from December 3, 2012, and will be the first opportunity to subscribe to tax free bonds for FY 2012-2013.

    Coupon rates:

     

    The Bond Series 1, which has a duration of 10 years, will carry a coupon rate of 7.72% for retail investors and 7.22% for other category of investors.

    The Bond Series II, which has a redemption period of 15 years will carry a coupon rate of 7.88% for retail investors and 7.38% for other category of investors.

    Taxation:

    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.

    Duration of subscription:

    The subscription is open from December 3, 2012 to December 10, 2012.

    Minimum Application:

    The minimum application for subscription in retail segment is of Rs 5,000 with an upper limit of Rs 10 lakh.

    Ratings:

    These bonds have been rated CRISIL AAA/Stable by CRISIL, CARE AAA by CARE, IND AAA by IRRPL and ICRA AAA by ICRA. 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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