States to raise approx. Rs 31 bn via Govt. bonds
States to raise approx. Rs 31 bn via Govt. bonds The Reserve Bank of India has said that eight states, including Gujarat, Punjab and Jammu and Kashmir, will raise around Rs 30.7374 billion by auctioning the 10-year government bonds. By means of an auction by RBI on September 20; Punjab will raise Rs 10 billion, Tamil Nadu Rs 5 billion, Gujarat Rs 4.75 billion, Kerala Rs 4.3599 billion, Himachal Pradesh Rs 3 billion, Jammu and Kashmir Rs 1.3451 billion, Assam Rs 1.1613 billion and Sikkim Rs 1.1210 billion. Tamil Nadu will have the option to retain additional subscription up to a maximum of Rs 1.25 billion over and above the notified amount. The coupon rate for the auction will be determined under the m ultiple price format.