HUDCO is expecting to increase Rs4.6K crore from tax-free bonds

By Accommodation Times (www.accommodationtimes.com)

New Delhi:
Housing and Urban Development Corporation Ltd (HUDCO) has said that “we will increase fund to Rs.4, 68 crore from a public issue of tax-free bonds.
The organization has submitted the prospectus for the same at National Stock Exchange (NSE), as the bonds are to be listed at NSE.
In an statement HUDCO said that, the corporation’s policy to make a public issue of tax-free bonds of face value of Rs 1,000 each redeemable, non-convertible debentures… aggregating up to Rs 4,684.72 crore.
Under the Income Tax Act 1961 these bonds subscribers will get tax benefits. HUDCO Senior Executive Director R K Khanna said that “the Finance Ministry has approved for increasing Rs.5000crore tax-free bonds, so far we have raised Rs.315crore from private placements of bonds.” He added, after this triumph we are coming with a public issue of tax-free bonds to raise up to Rs 4,685 crore.