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Friday, June 20, 2014
Infrastructure finance firms can raise long-term funds
Besides, infrastructure debt fund NBFCs have been allowed to issue secured debentures
June 19, 2014: The government, on Thursday, allowed infrastructure finance companies to issue secured debentures with a tenure of up to 30 years, a move that will help in raising long-term funds for the sector.
Besides, infrastructure debt fund non-banking financial companies (ID-NBFCs) have been allowed to issue secured debentures for up to 30 years.
“Similarly, housing finance companies have been allowed relaxed terms for maintaining debenture redemption reserve on the lines similar to NBFCs registered with the RBI (Reserve Bank of India). Necessary amendments in rules have been notified,” the Ministry of Corporate Affairs said in a statement on Thursday.
A debenture redemption reserve is an account that can only be utilised to redeem debentures.
As per the XII Plan document, India is projected to require investments of about $1 trillion in infrastructure during 2012-17.
The government also clarified that companies can appoint an independent merchant banker, registered with the Securities and Exchange Board of India to prepare valuation reports required before making a preferential allotment of shares.
The firms can also engage an independent chartered accountant with a minimum experience of 10 years to prepare valuation reports, the statement said.
Courtesy: The Hindu Business Line