New Delhi, Feb 24 (IANS) The National Highways Authority of India (NHAI) on Wednesday announced plans to raise up to Rs. 3,300 crore through public issue of tax free, secured, redeemable non-convertible bonds for financing various ongoing projects.
“The bonds carry a face value of Rs. 1,000 each for an amount of Rs. 500 crore with an option to retain over subscription of up to additional Rs. 2,800 crore, aggregating up to a total of Rs. 3,300 crore, said an official statement.
The issue opens on Wednesday and closes on March 1.
The bonds scheduled to be listed on BSE and National Stock Exchange (NSE) have been rated “IND AAA” by IIRPL, “CARE AAA” by CARE, “ICRA AAA” by ICRA and “CRISIL AAA/Stable” by CRISIL.
Lead managers for the issue are SBI Capital Markets, A.K.Capital Services, Edelweiss Financial Services, ICICI Securities and Axis Capital.
According to the Ministry of Finance, interest income on bonds has been exempted from income tax.
A”The funds raised through this issue will be utilised for the part financing of various ongoing projects under the National Highways Development Project (NHDP) and also various special projects and future projects to be awarded under different modes,” the statement added.