3rd Assignment Icici
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If your company has bonds outstanding, estimate the yield to maturity on a long term bond? Why might this be different from the rate estimated in the last step? What is the company's marginal tax rate? Previous Bond Issue Date of issue September 2007
Description
Rating at the time of issue
Products
Regular Income Bonds CARE AAA” by Public Issue of Unsecured Bonds in the CARE and “LAAA” nature of Debentures by ICRA aggregating to Rs.500 crore with a right to retain oversubscription up to Rs. 500 crore. Top
Regular Income Bonds Following Options were available to the investors: Option A Option A - 1
Option A - 2
5 Years 3 Months
5 Years 3 Months
Annual
Monthly
Face Value
Rs. 10,000
Rs. 10,000
Coupon rate (%)*
9.80 % p.a.
9.39 % p.a.
Annualised Yield (%)
9.80 % p.a.
9.80 % p.a.
Tenure Interest payment
Minimum Application Size
Rs.10,000 and in multiples of Rs. 10,000 thereafter
Rs.1,00,000 and in multiples of Rs.10,000 thereafter
Option B Option B - 1
Option B - 2
10 Years
10 Years
Annual
Monthly
Rs. 10,000
Rs. 10,000
Coupon rate (%)*
10.00 % p.a.
9.57 % p.a..
Annualised Yield (%)
10.00 % p.a.
10.00 % p.a.
Tenure Interest payment Face Value
Minimum Application
Rs.10,000 and in multiples of Rs.10,000 thereafter
Rs.1,00,000 and in multiples of Rs.10,000 thereafter
ICICI Ltd. Capital Structure From Year
To Year
Class Of Share
1999 1998 1997 1996 1995 1994 1993 1992 1990 1989 1988 1987 1986 1986 1985 1984 1983 1978 1977 1977 1975 1973 1973 1971 1966 1965 1955 1905
2000 1999 1998 1997 1996 1995 1994 1993 1991 1990 1989 1988 1987 1987 1986 1985 1984 1983 1978 1978 1977 1974 1974 1972 1971 1966 1965 1905
Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share
Terms of the Bonds Encash Bond
Authorised Issued Capital (Cr.) Capital (Cr.)
PaidUp Shares
Face PaidUp Value Capital (Cr.)
1,600.00
785.31
785311548
10
785.31
600.00
478.45
478445852
10
478.45
600.00
475.99
475987246
10
475.99
600.00
475.57
475566893
10
475.57
400.00
301.35
301353293
10
301.35
475.00
301.35
301353293
10
301.35
475.00
247.18
24718448
100
247.18
275.00
241.18
24117603
100
241.18
275.00
114.58
11458120
100
114.58
175.00
91.56
9155967
100
91.56
100.00
80.05
8005000
100
80.05
100.00
80.05
8005000
100
80.05
13.03
26.05
2605000
50
13.03
73.95
73.95
5400000
100
54.00
100.00
49.50
4950000
100
49.50
50.00
40.50
4050000
100
40.50
50.00
27.00
2700000
100
27.00
50.00
22.50
2250000
100
22.50
17.50
17.50
1500000
100
15.00
3.75
7.50
750000
50
3.75
15.00
15.00
1500000
100
15.00
10.00
10.00
1000000
100
10.00
2.50
2.50
500000
50
2.50
10.00
10.00
1000000
100
10.00
7.50
7.50
750000
100
7.50
7.50
7.50
750000
100
7.50
5.00
5.00
500000
100
5.00
1,600.00
784.79
784790000
10
784.79
Invest Rs. 2,000/Receive half-yearly interest at increasing interest rates varying from 13% p.a. to 18% p.a. for each halfyear period. Money back facility at part anytime during an eight-month period in al year, after the end of 12 months from the Deemed Date of Allotment to Original Individual Allottees, exercisable at specified bank branches Maturity Period – 5years Annaulized Yield to Maturity (YTM) – 15.89 Index Bond Invest Rs. 6,000/Receive Rs. 22,000/- on the Discount Bond at the end of 12 years. The detachable warrant will confer on the holder thereof a right to receive an amount equivalent to the numeric value of Rs. 2000 X BSE Sensitive Index at year 2009 BSE Sensitive Index at year 1997 At the end of the 12 years from the Deemed Date of Allotment. The Discount Bond and Index Warrant will be listed and treaded separately. Regular Income Invest Rs. 10,000/Choose any of the following Options: Options I – Receive interest - @15.00% p.a. payable monthly, Options II – Receive interest - @15.50% p.a. payable half-yearly. Options III – Receive interest - @16.25% p.a. payable annually. Maturity period – 5 years Annalized Yield to maturity (YTM) under various Options : Option YTM
I
II
III
16.08% 16.10% 16.25%
Deep Discount Bond Choose any of the following Options : Option I – Invest Rs. 2,750/- and received Rs. 1,00,000/- after 25 years Option II – Invest Rs. 5,750/- and receive Rs. 1,00,000/- after 20 years Option III – Invest Rs. 11,750/- and receive Rs. 1,00,000/- after 15 years Option IV – Invest Rs. 24,200/- and receive Rs. 1,00,000/- after 10 years Early Redemption Option at the end of 6th, 12th, and 18th year both to the Bondholder and the Company. Annalized Yield to Maturity (YTM) under various Options: Option I
II
III
IV
YTM 15.46% 15.35% 15.34% 15.24% Capital Gains Bond Invest Rs. 3,000/Receive interest - @13.50% p.a. payable annually Maturity Choose any of the following Options : Option I – 3 years Option II – 7 years This Bond will be an eligible security for the purpose of Section 54EA & 54EB of Income-tax Act, 1961.
Description
Rating at the time of issue
Products
Regular Income Bonds CARE AAA” by Public Issue of Unsecured Bonds in the CARE and “LAAA” nature of Debentures by ICRA aggregating to Rs.500 crore with a right to retain oversubscription up to Rs. 500 crore. Top
Regular Income Bonds Following Options were available to the investors: Option A Option A - 1
Option A - 2
5 Years 3 Months
5 Years 3 Months
Annual
Monthly
Face Value
Rs. 10,000
Rs. 10,000
Coupon rate (%)*
9.80 % p.a.
9.39 % p.a.
Annualised Yield (%)
9.80 % p.a.
9.80 % p.a.
Tenure Interest payment
Minimum Application Size
Rs.10,000 and in multiples of Rs. 10,000 thereafter
Rs.1,00,000 and in multiples of Rs.10,000 thereafter
Option B Option B - 1
Option B - 2
10 Years
10 Years
Annual
Monthly
Rs. 10,000
Rs. 10,000
Coupon rate (%)*
10.00 % p.a.
9.57 % p.a..
Annualised Yield (%)
10.00 % p.a.
10.00 % p.a.
Tenure Interest payment Face Value
Minimum Application
Rs.10,000 and in multiples of Rs.10,000 thereafter
Rs.1,00,000 and in multiples of Rs.10,000 thereafter
ICICI Ltd. Capital Structure From Year
To Year
Class Of Share
1999 1998 1997 1996 1995 1994 1993 1992 1990 1989 1988 1987 1986 1986 1985 1984 1983 1978 1977 1977 1975 1973 1973 1971 1966 1965 1955 1905
2000 1999 1998 1997 1996 1995 1994 1993 1991 1990 1989 1988 1987 1987 1986 1985 1984 1983 1978 1978 1977 1974 1974 1972 1971 1966 1965 1905
Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share
Terms of the Bonds Encash Bond
Authorised Issued Capital (Cr.) Capital (Cr.)
PaidUp Shares
Face PaidUp Value Capital (Cr.)
1,600.00
785.31
785311548
10
785.31
600.00
478.45
478445852
10
478.45
600.00
475.99
475987246
10
475.99
600.00
475.57
475566893
10
475.57
400.00
301.35
301353293
10
301.35
475.00
301.35
301353293
10
301.35
475.00
247.18
24718448
100
247.18
275.00
241.18
24117603
100
241.18
275.00
114.58
11458120
100
114.58
175.00
91.56
9155967
100
91.56
100.00
80.05
8005000
100
80.05
100.00
80.05
8005000
100
80.05
13.03
26.05
2605000
50
13.03
73.95
73.95
5400000
100
54.00
100.00
49.50
4950000
100
49.50
50.00
40.50
4050000
100
40.50
50.00
27.00
2700000
100
27.00
50.00
22.50
2250000
100
22.50
17.50
17.50
1500000
100
15.00
3.75
7.50
750000
50
3.75
15.00
15.00
1500000
100
15.00
10.00
10.00
1000000
100
10.00
2.50
2.50
500000
50
2.50
10.00
10.00
1000000
100
10.00
7.50
7.50
750000
100
7.50
7.50
7.50
750000
100
7.50
5.00
5.00
500000
100
5.00
1,600.00
784.79
784790000
10
784.79
Invest Rs. 2,000/Receive half-yearly interest at increasing interest rates varying from 13% p.a. to 18% p.a. for each halfyear period. Money back facility at part anytime during an eight-month period in al year, after the end of 12 months from the Deemed Date of Allotment to Original Individual Allottees, exercisable at specified bank branches Maturity Period – 5years Annaulized Yield to Maturity (YTM) – 15.89 Index Bond Invest Rs. 6,000/Receive Rs. 22,000/- on the Discount Bond at the end of 12 years. The detachable warrant will confer on the holder thereof a right to receive an amount equivalent to the numeric value of Rs. 2000 X BSE Sensitive Index at year 2009 BSE Sensitive Index at year 1997 At the end of the 12 years from the Deemed Date of Allotment. The Discount Bond and Index Warrant will be listed and treaded separately. Regular Income Invest Rs. 10,000/Choose any of the following Options: Options I – Receive interest - @15.00% p.a. payable monthly, Options II – Receive interest - @15.50% p.a. payable half-yearly. Options III – Receive interest - @16.25% p.a. payable annually. Maturity period – 5 years Annalized Yield to maturity (YTM) under various Options : Option YTM
I
II
III
16.08% 16.10% 16.25%
Deep Discount Bond Choose any of the following Options : Option I – Invest Rs. 2,750/- and received Rs. 1,00,000/- after 25 years Option II – Invest Rs. 5,750/- and receive Rs. 1,00,000/- after 20 years Option III – Invest Rs. 11,750/- and receive Rs. 1,00,000/- after 15 years Option IV – Invest Rs. 24,200/- and receive Rs. 1,00,000/- after 10 years Early Redemption Option at the end of 6th, 12th, and 18th year both to the Bondholder and the Company. Annalized Yield to Maturity (YTM) under various Options: Option I
II
III
IV
YTM 15.46% 15.35% 15.34% 15.24% Capital Gains Bond Invest Rs. 3,000/Receive interest - @13.50% p.a. payable annually Maturity Choose any of the following Options : Option I – 3 years Option II – 7 years This Bond will be an eligible security for the purpose of Section 54EA & 54EB of Income-tax Act, 1961.
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