PUDUCHERRY: The government has announced the sale of 10-year security in the form of stock to the public by auction for an aggregate amount of Rs 100 crore. The auction will be conducted by the Reserve Bank of India at its Mumbai office on Tuesday, July 14, according to a release by Chandrakar Bharti, Finance Secy on Friday.
As per details, government has offered to sell by auction the dated securities for an amount of Rs 100 crore with 10-year tenure. The securities will be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter.
Interested persons, firms, companies, corporate bodies, institutions etc may submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format in the Reserve Bank of India Core Banking Solution (E-Kuber) available on the website www.rbi.org.in on July 14 between 10.30 am and 11.30 am. The competitive bids shall be submitted electronically on the RBI Core Banking Solution (E-Kuber) between 10.30 am and 12 noon on the same day. The result of auction will be on RBI website. The government stock will bear the interest at the rate determined by the RBI at the auction and the interest will be paid on January 15 for every financial year. The stocks will qualify for Ready Forward Facility.