#1
26th March 2016, 03:14 PM
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IREDA Tax Free Bonds Subscription Bv Rao Ireda
Sir I want the details for the Indian Renewable Energy Development Agency (IREDA Tax Free Bonds Subscription so can you tell me the same
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#2
26th March 2016, 03:14 PM
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Re: IREDA Tax Free Bonds Subscription Bv Rao Ireda
Ministry of New and Renewable Energy or MNRE is a ministry of Government of India. The ministry is currently headed by Piyush Goyal, a Cabinet Minister. The ministry was established as the Ministry of Non-Conventional Energy Sources in 1992. Well Just like bank fixed deposits (FDs), tax-free bonds offer fixed interest to subscribers. While bank FDs attract income tax (I-T) according to the standard tax slabs (10%, 20% and 30%), tax-free bonds allow I-T exemptions on long-term investment gains. Hey the Rs 1,000 crore tax-free bond issue of Indian Renewable Energy Development Agency (IREDA), the first issue of Calendar 2016, sold like hot cakes as soon as it opened for subscription . The issue received bids for about 5.09 crore bonds, or 509%, for the 1 crore bonds available for sale on a cumulative basis on the stock exchanges on Friday, BSE data showed. The bonds offer between 7.28% and 7.68% tax-free returns per year for tenures ranging from 10 to 20 years. NHPC offered 7.6% for its tax-free bonds issued last month. Tax-free bond issues of public sector companies have attracted huge interest among both retail and non-retail investors in recent months. The National Highways Authority of India (NHAI) bond issue got subscribed 22 times last month. NTPC pre-closed its Rs 700-crore tax-free bond issue last September after it was subscribed 11.04 times on the first day. The bond issue of IRFC (Indian Railway Finance Corporation), which was open between December 8 and 10, was subscribed 10.84 times. |