Indian Railway Finance Corporation Limited (IRFC), the financing arm of the Indian Railways, is proposing to issue Tax Free, Secured, Redeemable, Non-Convertible Bonds of face value of RS 1,000 each in the nature of Debentures.

They will have benefits under the Income Tax Act, 1961 and aggregate to Rs 3,000 crore with an option to retain oversubscription of upto the shelf limit of Rs 6,300 crore. An official release said, the application for subscription of Bonds should be for a minimum of 10 Bonds and in multiples of 5 Bonds thereafter.

The Issue will open for subscription tomorrow and close on February 10, 2012, or earlier, subject to the Issue being open for a minimum period of 3 days, or extension by such period, upto a period of 30 days from the date of opening of the Issue, as may be decided by the Board of Directors or by a duly constituted committee of the Company.