LIC moves IRDA for infra bonds

Oct 03, 2010 |

Correspondent

INDIA’S largest insurer, Life Insurance Corporation, plans to approach sector regulator IRDA in the next 8-10 days to get approval for floating infrastructure bonds. “We are getting ready to approach IRDA for approval for infrastructure bonds. We would be going to the regulator with a proposal in the next eight-10 days,” a senior LIC official said. The official, however, refused to disclose the size of the bond issue that the insurer is planning. LIC has a headroom to issue infrastructure bonds of `5,000 crore this fiscal. The government had allowed LIC and a few other finance companies to issue tax-free infrastructure bonds.

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