The last tax-free bond issue of the current financial year will be out of bounds for foreign institutional investors, non-resident Indians and foreign corporate bodies. A long-term infrastructure bond issue by the Rural Electrification Corporation (REC) will be the first public issue to deny these set of investors from participating.
http://www.business-standard.com/india/news/foreign-investors-shut-outrec-bond-sale/466835/
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