West Bengal notifies sale of state government stock of 10 year for Rs 2,000 cr
, ET Bureau|
Feb 16, 2018, 04.48 PM IST
KOLKATA: West Bengal government has announced sale of its securities of 10 year tenure for an aggregate amount Rs. 2000 crore in order to meet the development expenditure. The state finance department issued a notification on Friday to announce the decision.
“Government of West Bengal hereby notifies the sale of West Bengal Government stock of 10 year tenure for an aggregate amount of Rs 2000 crore. The sale will be subject to the terms and conditions spelt out in this notification,” stated the notification. As the objective, the notification said that the proceeds of the loan will be utilized for the developmental expenditure.
The government stock will be sold through the Reserve Bank of India by auction and the consent of the Central government has been obtained to the flotation of this loan, it added.
The auction will be conducted on February 20 and the successful bidders are required to make payments on February 21. The loan will be repaid at par on February 21, 2028.
“Government of West Bengal hereby notifies the sale of West Bengal Government stock of 10 year tenure for an aggregate amount of Rs 2000 crore. The sale will be subject to the terms and conditions spelt out in this notification,” stated the notification. As the objective, the notification said that the proceeds of the loan will be utilized for the developmental expenditure.
The government stock will be sold through the Reserve Bank of India by auction and the consent of the Central government has been obtained to the flotation of this loan, it added.
The auction will be conducted on February 20 and the successful bidders are required to make payments on February 21. The loan will be repaid at par on February 21, 2028.
