Pondy govt to raise Rs 123.86 cr by selling through auction dated securities

The Puducherry government will sell by auction dated securities for Rs 123.86 crores with five-year tenure.

Commissioner cum Secretary to Finance of the territorial administration, Shurbir Singh in a release said on Thursday that the securities will be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter.

The auction would be conducted by Reserve Bank of India Mumbai office (Fort) on September 28.

Interested persons, firms, companies, corporate bodies, institutions, Provident Fund, Trusts, Regional Rural Banks or cooperative banks might submit a single consolidated non-competitive bid on behalf of all its constituents on electronic format on RBI core banking solution (E-Kuber) available on www.rbi.org.com on September 28 between 10.30 a.m. and 11 a.m.

Competitive bids should be submitted electronically on RBI core banking solution (E-Kuber) between 10.30 a.m. and 11.30 a.m. on the same day.

The result of auction would be displayed by RBI (Fort) Mumbai on September 28 on its above website.

The Secretary further said the successful bidders should deposit the price amount of the stock covered by their bids by means of Banker`s Cheque or Demand Draft payable at RBI Mumbai (Fort) or Chennai on September 29 before the close of banking hours.

Singh said the government stock would bear interest at the rate determined by the RBI at the auction. Interest would be paid on March 29 and September 29 every financial year until repayment. The stocks would qualify for 'ready forward facility', he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)