IDFC to issue tax-saving infra bonds in second Quarter
IDFC is likely to hit the market with the tax saving infra bonds in the second quarter July-September 2011.
Tax saving retail infra bonds, which has been introduced after the amendment in the Income Tax Act last year aims to benefit tax payers an additional window of tax deduction for investments up to Rs 20,000.
IDFC and L&T Infrastructure Finance came out with their issues which were met with lukewarm response.
IDFC, which is notified as an infrastructure finance company by the Reserve Bank, is targeting a 25-30% growth in advances in the current fiscal. The sectors like road building, renewable energy, and transmission and distribution in power will drive the growth.
"With our increasing business, we expect to continue growing at an overall 30% year-on-year in 2011-12. In FY'11 we expect a standalone turnover of Rs 1, 100," MARG Chairman and Managing Director G R K Reddy said.