The government has allowed 13 institutions, including NTPC, NHB and Hudco, to raise R48,000 crore through issue of tax free bonds to boost long-term infrastructure finance. The bonds would be in a tenure of 10, 15 or 20 years. Retail investors, qualified institutional buyers, corporates and high networth individuals can subscribe to bonds, CBDT said in a circular. The companies allowed to issue bonds include IIFCL (R10,000 crore), IRFC (R10,000 crore), National Housing Bank (R3,000 crore), NTPC (R1,750 crore) and NHPC (R1,000 crore).
Union Bank to open overseas branches
To tap the growing overseas and retail domestic market, Union Bank of India is looking at opening overseas branches in London, Sydney and Antwerp and 16 branches in Gujarat by fiscal end. ?UBI already has branches in Hong Kong and Dubai, and the upcoming branch in London is awaiting statutory approvals for the authorities and is in advanced stage. Currently, our overseas business was around R15,000 crore and we expect a growth of 20% in the current financial year? said SK Jain, the executive director of UBI.