State Governments announces auctions of State Development Loans 2017
State Governments announces 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 of Rs 30.74 billion amount, Assam will sell bonds for a notified amount worth of Rs 1.16 billion, Gujarat for an amount of Rs 4.75 billion, Himachal Pradesh for an amount of Rs 3 billion, Jammu & Kashmir for an amount of Rs 1.34 billion, Kerala for an amount of Rs 4.35 billion, Punjab for an amount of Rs 10 billion, Sikkim for an 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 Rs 1.25 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) should be submitted on Thursday, Sep. 20, 2007. The competitive bids by the NDS members should be submitted only i n 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 accepted 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.
