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The Government of India, in consultation with the Reserve Bank of India, has acquired today, i.e., on January 25, 2005, the equity and subordinated debt of Infrastructure Development Finance Corporation (IDFC) held by the Reserve Bank of India, amounting to Rs.150 crore and Rs.350 crore respectively. The equity transfer will be made against payment of cash by the Government of India to the Reserve Bank of India. The transfer of subordinated debt will be against the issue of a new dated security, viz., Government of India Floating Rate Bonds, 2035, to the Reserve Bank of India on a private placement basis. The Bonds will carry a coupon of 6.49 per cent for the first 5 years and will be reset every five years. The coupon of the Floating Rate Bonds has been fixed on the basis of secondary market transactions in Government of India securities on January 24, 2005.
Department of Economic Affairs, Ministry of Finance New Delhi, Magha 5, 1926/January 25, 2005
BY/CS-26/05
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