8 State Governments announce Auctions of State Development Loans 2017
8 State Governments announce Auctions of State Development Loans 2017 State governments announced the sale of 10-year state development loans for an aggregate amount of Rs 30.74 billion through an yield based auction using multiple price auction method. Out ot Rs 30.74 billion, Assam will sell bonds for a notified amount worth of Rs 1.16 billion, Gujarat for a amount of Rs 4.75 billion, Himachal Pradesh for a amount of Rs 3 billion, Jammu & Kashmir for a amount of Rs 1.34 billion, Kerala for a amount of Rs 4.35 billion, Punjab for a amount of Rs 10 billion, Sikkim for a amount of Rs 1.12 billion and Tamil Nadu for Rs 500 billion.
Government of Tamil Nadu will have the option to retain additional subscription upto a maximum of Rs1.25 billion over and above the notified amount.
The auction will be conducted by the Reserve Bank of India (RBI) at Mumbai on Sep. 20, 2007 (Thursday). Bids in the prescribed form obtainable from the regional director, Reserve Bank of India, Mumbai Office (public debt office), Fort, Mumbai- 400 001 should be submitted to that office on Thursday, Sep. 20, 2007. The competitive bids by the NDS members should be submitted only in electronic format using primary market operation (PMO) module of NDS. All bids should be submitted by 12.30 P.M. On the basis of bids received, RBI will determine the maximum yield at which offers will be accepted.
The results of the auction will be announced on Sep.20, 2007 and payment by successful bidders will be during banking hours on Sep. 21, 2007 at Mumbai and at respective regional offices of Reserve Bank of India. The stocks will qualify for the ready forward facility.
