The territorial administration has decided to sell 11-year dated securities in the form of stock to the public by auction for an aggregate amount of ₹100 crore. Securities will be issued for a minimum nominal amount of ₹10,000 and in multiples of ₹10,000 thereafter. The auction will be conducted by the Reserve Bank of India at Fort, Mumbai, on March 9.
Interested persons, firms, companies, corporate bodies, institutions, provident fund trusts, regional rural banks, co-operative banks can participate by submitting a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) available on the website www.rbi.org.in between 10. 30 a.m and 11. 30 a.m on March 9.
Secretary to Government (Finance) Shurbir Singh in a press communication issued on Thursday said the competitive bids could be submitted electronically on E-Kuber between 10 30 a.m and 12 p.m on the same day.
The results would be made available on the RBI website on the same day. Successful bidders should deposit the price amount of the stock covered by their bids by means of a Banker’s Cheque or Demand draft payable at RBI office in Mumbai or Chennai on March 11, the communication said.
The government stock will bear interest at the rate determined by the RBI at the auction. Interest will be paid on September 11 and March 11 of every financial year until repayment, Mr Singh said.