Below are the Issue Highlights:
| Issuer | Rural Electrification Corporation Limited ("the Issuer") |
| Offering | 100000 Unsecured, Redeemable, Non-Convertible, Taxable Bonds of Rs. 5,000/- each aggregating to Rs. 50 Crore with a green-shoe option to retain over-subscription for issuance of additional Infrastructure Bonds |
| Type | Private Placement basis |
| Instrument | Unsecured, Redeemable, Non-Convertible, Taxable Bonds having benefits under section 80CCF of the Income Tax, 1961 for long term Infrastructure Bonds |
| Rating | 'AAA /Stable' by CRISIL, 'CARE AAA' by CARE ,'LAAA' by ICRA, 'AAA(IND) by Fitch |
| Eligible Investors | Resident Indian Individual (Major) and HUF through Karta of the HUF |
| Security | Unsecured |
| Face Value | Rs. 5,000/- per bond |
| Issue Price | At par (Rs. 5,000/- per bond) |
| Minimum Subscription | 2 Bonds of Rs. 5,000/- each and in multiples of 1 Bond thereafter, |
| Tenure | 10 years, with or without buyback option after five years |
| Options for Subscription | The Bonds are proposed to provide the following options- Option I - Annual Coupon and Buyback after 5 years Option II - Annual Coupon and No Buyback Option |
| Redemption/Maturity | At par at the end of 10th year from the deemed date of allotment. |
| Coupon rate | Option I (Annual Coupon and Buyback after 5 years) – 8.00% p.a. Option II (Annual Coupon and No Buyback) – 8.1 % p.a. |
| Listing | Proposed to be listed on BSE/NSE or Both |
| Trustee | IDBI Trusteeship Services Limited |
| Depository | National Securities Depository Ltd. and Central Depository Services (India) Ltd. |
| Registrars | Beetal Financial & Computer Services (P) Ltd. |
| Mode of Payment | Interest payment will be made through ECS/At Par Cheques/Demand Drafts |
| Issuance | Demat and Physical Form |
| Trading | Demat mode only |
| Issue Open Date | January 12 ,2011 |
| Issue Close Date | March 28, 2011 . There is an option to issuer would have pre-close the issue by giving 1 day notice to the Arrangers |
| Deemed Date of Allotment | 31st March, 2011 |
| Annual Interest Payment and interest on Application money | The first annual interest shall be paid on 31 March 2012.Interest on application money at the prescribed rate from the date of credit in REC Bank Account to the date of allotment shall be paid with first annual interest payment |
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