IRFC bond curtails listing gains for retail investors

The Rs 5,000 crore Indian Railways Finance Corporation (IRFC) bond, scheduled to open on January 27, has sprung a surprise in its prospectus. What has stumped investors is the new clause (a first in such issues) that the additional coupon for retail investors (8.15 per cent and 8.3 per cent) will be only for primary retail subscribers. Bonds purchased offline or online will carry an eight per cent and 8.10 per cent coupon rate for 10 and 15-year terms, respectively, for all categories of investors



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