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IIFCL to raise `5,800 cr via tax-free bonds
IIFCL To Raise `5,800 cr Via Tax-Free Bonds. India Infrastructure Finance Company Ltd (IIFCL), a public sector undertaking, on Tuesday said it would raise Rs 5,800 crore more through tax free bonds during the current fiscal.
Hyderabad: India Infrastructure Finance Company Ltd (IIFCL), a public sector undertaking, on Tuesday said it would raise Rs 5,800 crore more through tax free bonds during the current fiscal.
“The central government has mandated IIFCL to raise Rs 10,000 crore through tax free bonds during the current fiscal year. So far, we have successfully raised Rs 4,200 crore via the first tranche of public Issue and private placement route.
Going Forward, IIFCL will come up with two more tranches of public issue in the last week of November 2013 and January 2014 to raise remaining Rs 5,800 crore,” Dr Harsh Kumar Bhanwala, Chairman and Managing Director, IIFCL, told media here after inaugurating the company’s Business Development Conference.
The IIFCL chief expressed confidence that the company would be able to achieve fund raising target without any problems. Till September 2013, the company had sanctioned total loans to the tune of Rs 52,907 crore. Of them, it had disbursed a total of Rs 29,404 crore. At present, IIFCL is offering loans to viable infrastructure projects as part of a consortium along with the lead bank.
“Longer tenor loans are likely to be approved by the Government of India shortly, which will allow IIFCL to remain as a sole lender to the project after the exit of other lenders,” he said.
On the conference, Dr Bhanwala said that IIFCL was continuously interacting with various stakeholders to understand the needs and demands of the infrastructure sector in the country. “We are constantly striving to align our products to the needs of the crucial sector,” he explained.
