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Saturday, December 31, 2011

Interest Rates on Muthoot Finance NCD

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Coupon Rate %
I
II
III
IV (Yield)

13%
13.25%
13.25%
13.43%
Tenor
24 Months
36 Months
60 Months
66 Months
Interest Payment
Annual
Annual
Annual
Cumulative


How to apply to Muthoot Finance NCD?
You can download the forms below 

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All About Muthoot Finance Limited Non-Convertible Debentures, NCD : Issue Details, Returns Details, CRISIL & ICRA Rating


Incorporated in 1997, Muthoot Finance Ltd is the Kerala - based largest gold financing company in India in terms of loan portfolio. Muthoot Finance provides personal and business loans secured by gold jewellery, or Gold Loans. They have 1605 branches across 20 states and two union territories in India.

Muthoot Finance is coming up with a public issue of Secured Non-Convertible Debentures of face value of Rs. 1,000 each, (NCDs), aggregating upto Rs. 300 Crores with an option to retain over-subscription upto Rs. 300 Crores for issuance of additional NCDs aggregating to a total of upto Rs. 600 Crores.

Public issue of Muthoot Finance NCD will remain open from Dec 22, 2011 to Jan 07, 2012. Minimum order quantity for Muthoot NCD is 5 NCDs (Rs 5000) and after that in multiples of 1 NCD (Rs 1000).

The NCD is available for 4 tenors - 24 months, 36 months, 60 months and 66 months. The coupon rate for this NCD is fixed at 13.00% to 13.43% based on the tenors of the NCD. Redemption amount will be repayment of the Face Value plus any interest that may have accrued at the Redemption Date.

The Issue is rated by CRISIL and ICRA with AA-/Stable rating. ICICI Securities Limited, A.K. Capital Services Limited HDFC Bank Limited and Karvy Investor Services Limited are the Lead Managers for this issue.

Issue Detail:

Issue Open: Dec 22, 2011 - Jan 07, 2012
Issue Type: Fixed Price Issue NCD
Issue Size: Equity Shares of Rs. 1000
Issue Size: Rs. 300.00 Crore
Face Value: Rs. 1000 Per Equity Share
Issue Price: Rs. 1000 Per Equity Share
Market Lot: 1 Shares
Minimum Order Quantity: 5 Shares
Listing At: BSE

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Download Muthoot Finance Application Forms

NHAI Tax Free Bonds





































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Comparison between Muthoot finance NCD and Bank Fixed Deposits

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Comparison between NCD and Bank FD: 


Parameters
NCD
Bank FD
Tenure
3 and 5 Years
1 Years - 5 Years
Safety
Secured rated paper AA- with cover on the assets of the company
Unsecured with no charge on the assets of the company. Up to 1 Lakh is guaranteed in case of default.
Yield/ Interest Rate
13.25%
9.00% -10.50%
Credit Ratings
“AA-” by CRISIL & ICRA
Un rated
Tax Deducted at Source
No
Yes
Post Tax (30.9% bracket)
9.15%
6.21 - 7.25%
Liquidity
Listed on the BSE and can be exited out anytime
Possibility of withdrawal with premature penalty of 1% - 2%



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Friday, December 30, 2011

Muthoot Finance NCD Application Forms



Issue Dates:
Issue Open: Dec 22 2011
Issue Close: Jan 07 2012


Ratings
The NCDs under this issue have been rated as AA -/Stable by CRISIL and ICRA. The rating indicates a high degree of safety with regard to timely servicing of financial obligations on the NCDs and such instruments carry a very low credit risk.

Should You Invest in Muthoot Finance NCD ?
The interest rate of 13-13.43% is being offered to individuals for duration of 2 years, 3 years, as well as 5 years, 5.5 years is an attractive opportunity when compared to bank deposits which offer interest rate ranging 9 - 10.25%. Unlike bank deposits there is no TDS for the interest rate payments. These are secured instruments and hence backed by assets of the company. The NCDs will be listed in the BSE and NSE hence there is a chance for capital appreciation in case the RBI starts reducing interest rates after some month.

How to apply to Muthoot Finance NCD?
You can download the forms below 

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Download Application Forms

IFCI Long Term Infrastructure Bonds for year 2011 - 2012

 
Issuer
IFCI Limited ("the Issuer")
Offering
2,00,000 Nos. Unsecured, Redeemable, Non-Convertible Bonds Series – IV of Rs.5,000/- each aggregating to Rs.100 crore with a green-shoe option to retain over-subscription.
Type
Private Placement basis
Instrument
Unsecured, Redeemable, Non-Convertible Long Term Infrastructure Bonds - Series IV, having benefits under section 80 CCF of the Income Tax Act, 1961 for investment upto Rs.20,000/-
Eligible Investors
Resident Indian Individuals (Major) and HUFs through Karta of the HUF
Rating
'BWR AA-' by Brickwork Ratings India Pvt. Limited CARE 'A+' by CARE Ratings (Credit Analysis & Research Ltd.) 'LA' by ICRA Limited
Face Value
Rs.5,000/- per bond
Minimum Application
Rs.5,000/- (i.e. 1 Bond)
Application in multiples of
Rs.5,000/- (i.e. 1 Bond)
Options for Subscription
I
II
III
IV
 
Frequency of Interest Payment
Cumulative
Annual
Cumulative
Annual
 
Coupon (% p.a.)
9.09 % p.a.
(Annual compounding)
9.09 % p.a.
9.16 % p.a.
(Annual compounding)
9.16 % p.a.
 
Tenor
10 (Ten) years
10 (Ten) years
15 (Fifteen) years
15 (Fifteen) years
 
Maturity Date
February 15, 2022
February 15, 2022
February 15, 2027
February 15, 2027
 
Buyback option
At the end of 5th and 7th year from Deemed Date of Allotment
At the end of 5th and 10th year from Deemed date of Allotment
 
Buyback Dates
February 15 of the calendar years 2017 and 2019
February 15 of the calendar years 2017 and 2022
 
Lock-in period
5 years from the deemed Date of Allotment
Deemed Date of Allotment
February 15, 2012
Security
Unsecured
Trustee
IDBI Trusteeship Services Limited
Listing
Proposed to be listed on Bombay Stock Exchange (BSE)
Depositories
National Securities Depository Ltd. and Central Depository Services (India) Ltd.
Registrars
Karvy Computershare Pvt. Ltd.
Issuance & Trading
Bonds shall be issued both in dematerialised form and physical form. However, trading allowed only in dematerialised mode after the expiry of Lock-in Period of 5 years
Mode of Interest Payment / Redemption
ECS/At Par Cheques/Demand Drafts
Issue Schedule
Issue Open Date : November 30, 2011
Issue Close Date : January 16, 2012
The issuer would have the right to pre-close the issue or extend the closing date by giving 1 day notice to the Arrangers
Interest on Application Money shall be paid at the respective coupon from the date of realisation of subscription amount to the date immediately preceding the deemed date of allotment.
 

 

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Non-Convertible Debentures

High returns accompanied by a high-risk level
 

Muthoot Finance's second non-convertible debenture (NCD) issue this year opened last week and would be available till January 7. Several others like L&T Finance, Shriram Transport and Tata Capital plan to follow soon.

The investment tenure here varies from two to five and a half years and requires a minimum investment of ~5,000. The annual returns range from 13-13.43 per cent, varying across tenures. The returns, this time, are up from those offered during the previous issue (12 per cent) that opened earlier this year, and is possibly the highest being offered by any debt instrument in the market right now.

An NCD is a type of loan issued by a company that cannot be converted into stock. They offer high returns, but are risky instruments and may not suit all investors. Liquidity is another issue. In a rising interest regime, getting out of a bank deposit may be easier than liquidating your NCD investment, because these are listed on stock exchanges, and may have to be sold at a discount if there aren't many trades happening.

As compared to bank fixed deposits, the returns are higher by almost three-four per cent. Currently, State Bank of India (SBI) is giving 9.25 per cent for deposits between one and ten years.

Gilt funds are another option. These invest in long-term government securities. Since many believe the interest rate cycle is near its peak, locking in funds is advisable. Plus, even if the interest rates start moving down, you will benefit through capital appreciation. Over a five-year period this category has returned seven per cent, according to Value Research, a mutual rating agency.

All these returns are pre-tax, though. The interest earned on the NCDs and bank deposits will be added to your income and taxed according to slab. So, for those falling in the highest tax bracket, the effective returns for NCDs would be 9.25 per cent (for 13.43 per cent return). For fixed deposits, these would be at 6.4 per cent.

Comparatively, gilt funds will be more tax efficient, with capital gains taxed at 10 per cent and 20 per cent, with and without indexation, respectively.

The higher returns of NCDs, however, require ahigher risk appetite. Reason: Though the returns are locked in and the issue secured, there is always the risk of default. Typically, the company would earmark assets against the amount raised. So, these can be liquidated to pay off the borrowers in dire situation. This is small respite. If the overall business fails, the earmarked security can also be compromised and the investor will get nothing.

In this NCD issue, investors can consider investing a small portion in the shorter tenure (two-year) option, according to Malhar Majumder, director, Gliese Consulting, to cap any risk involved, and take advantage of the high returns.

Thus, any decision for investing in this or further NCD issues must be taken after evaluating the business fundamentals or the business model of the company. You can look at the credit rating assigned to the issue for guidance. For instance, the rating assigned to the Muthoot Finance issue is AA-/Stable by Crisil, implying high safety, with the minus sign reflecting comparative standing within the category.
 

How to apply to NHAI Bonds?

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Application form for Applying for Tax Saving Long Term Infrastructure Bond  

 

Current open Long Term Infra Bond Application form

 

 

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Tax free infra bonds worth Rs 20,000 crore are lined up by March

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IT IS raining tax-free bonds in India. Following the launch of Rs 10,000 crore tax-free bond issue by the National Highway Authority of India (NHAI), three more state-owned firms are lining up to issue around Rs 20,000 crore worth of tax-free bonds in the next quarter.

While the Indian Railway Finance Corporation (IRFC) is in the final stages of launching a Rs 10,000 crore tax-free bond issue, Power Finance Corporation (PFC) is coming out with a Rs 5,000 crore tax-free bond issue. Public sector firm, Housing and Urban Development Corporation (Hudco), will launch a Rs 5,000 crore bond issue as early as January 2012.

PFC and Hudco have already made private placements in October worth Rs 900 crore and Rs 400 crore, respectively, at interest linked to government securities yields on similar tenure securities in September.

Hudco, the company would launch the bonds by the middle of January 2012. The coupon rate would be based on the December-end government securities (G-Sec) rates. "We have already placed around Rs 400 crore as private placement out of the total Rs 5,000 crore we expect to mobilise.

Hudco and PFC both have offered 7.62 per cent for 10-year bonds and 7.83 per cent for 15-year bonds through the private placement route in October.
The coupon rates on taxfree bonds under private placement were around a percentage point lower than the annualised closing yield on government bonds in September.

IRFC, the financing arm of Indian Railways, has also received a man date to raise Rs 10,000 crore via issuance of taxfree bonds and it is also expected to enter the market next month.

Rajesh Kumar Khullar, joint secretary at the union ministry of finance, said he expects IRFC's issue to be preceded by the PFC issue. "We see the market conditions to be good for such bonds and expect the issues to get over in as short a time as possible, may be, in less than a week," he said.

Financial planners said these bonds are particularly appealing to high net worth investors who fall in the highest tax bracket because they can earn a tax free income. Besides, the listing of these bonds on the stock exchange will provide liquidity and possible capital appreciation once the interest rates start going down again.

This is the first time that retail participation has been allowed in tax free infrastructure bonds. We wanted everyone to enjoy the benefits of steady and stable long-term returns. Earlier, all these bonds were privately placed and would not be open for retail investors. Now, investors can invest a minimum sum of Rs 50,000 in these bonds.
 

How to apply to PFC Bonds?

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---------------------------------------------

 

Application form for Applying for Tax Saving Long Term Infrastructure Bond  

 

Current open Long Term Infra Bond Application form

 

 

Submit filled up application    Collection canter near you

 

 

---------------------------------------------

Buy Tax Saving Mutual Funds Online by selecting the Mutual Fund Schemes

Mutual Funds Online

 

Download Tax Saving Mutual Fund Applications / Forms from all AMCs:

Download Mutual Fund Applications

 

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

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