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Our Bureau

New Delhi, Sept. 25 The capital gains bonds issue of the National Highways Authority of India has hit the markets from Monday.

The Finance Bill 2007 had authorised the NHAI and Rural Electrification Corporation to issue 54 EC capital gains bonds during 2007-08 as per the provisions of Income-Tax, 1961, after the REC float in July 2007, it is NHAI that has now entered the market.

The face value of these bonds is Rs 10,000 and an investor can deposit up to Rs 50 lakh as per issue conditions, said a press release.

These bonds will have coupon rate of 5.50 per cent with lock-in period of three years. The interest will be paid annually.

Currently, the issue size is Rs 2,000 crore.

The bonds have been rated at ‘AAA’ by CRISIL and Fitch Ratings, which is the highest safety rating.

The NHAI has arranged for the applications to be accepted at about 250 collection centres of five leading banks across the country.

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