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Three states to auction Rs.2,850 crore loan

Maharashtra,Business/Economy, Thu, 05 Apr 2012 IANS

Mumbai, April 5 (IANS) Governments of Andhra Pradesh, Haryana and Punjab will sale state development loans worth Rs.2,850 crore through an open auction, the Reserve Bank of India (RBI) said Thursday.


The RBI will conduct the auction in Mumbai April 10. The sale will be of 10-year "state development loans" maturing in 2022.


Andhra Pradesh will auction the loan worth a face value of Rs.1,500 crore, while Haryana will do it for Rs.650 crore and Punjab for Rs.700 crore.


"Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Negotiated Dealing System (NDS)," RBI said.


The state government stocks will bear interest at the rates determined by RBI at the auction.


Interest will be paid half yearly on Oct 11 and April 11 each year till maturity. The stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.


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