Business Daily from THE HINDU group of publications
Tuesday, Feb 19, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Feb 19, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Fertilisers Money & Banking - Govt Bonds 23 fertiliser companies to get bonds worth Rs 3,610 cr 
Our Bureau New Delhi, Feb. 18 The Finance Ministry on Monday announced that fertiliser bonds for Rs 3,610 crore are being issued at par to 23 fertiliser companies. These bonds are being issued as compensation towards subsidy during the current financial year. An official release said that the special bonds would carry an annual coupon rate of 7.95 per cent maturing in 2026. The investments in the special bonds would not be reckoned as an eligible investment in Government securities by banks and insurance companies for their statutory requirements. However, such investment by the insurance companies will be eligible to be reckoned as investment under ‘other approved securities’ category as defined under the Insurance Regulatory and Development Authority (Investment) Regulations, 2000. Eligible investmentFurther, the investment by the Provident Funds, Gratuity Funds, Superannuation Funds and so on, in the Special Bonds will be treated as an eligible investment under the administrative order of the Ministry of Finance. The special bonds will be transferable and eligible for market ready forward transactions (Repo). The bonds, however, will not be an eligible underlying security for ready forward transactions (Repo/Reverse repo) with the Reserve Bank of India. More Stories on : Fertilisers | Govt Bonds
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