Infra bonds News
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The securities would be issued on private placement basis, it said, adding that the approval of shareholders for the issuance would be sought in the ensuing annual general meeting.
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In a bid to boost infrastructure development, the Reserve Bank Monday allowed banks to invest in long term infra bonds of other lenders.
Private sector lender IndusInd Bank will issue long-term infrastructure bonds or non-convertible debentures on private placement basis to raise about Rs 2,000 crore.
Country's third largest private sector lender Axis Bank today raised Rs 5,705 crore in infrastructure bonds in a single-largest closure since the instrument was introduced in July.
The RBI on Thursday allowed banks to extend loans up to Rs 10 lakh to individuals against long-term infrastructure bonds issued by them, thus easing loan norms for low-cost housing.
A Reserve Bank of India (RBI) ban on Indian banks buying new issues of infrastructure bonds has handicapped Prime Minister Narendra Modi`s chances of gathering billions of dollars needed for mega-projects through the bond market.
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