Pondy to Borrow Rs 100 Crore From Market for Second time

Within a fortnight of borrowing Rs 100 crore from open market on July 14 Puducherry government has moved once again to borrow.

Published: 26th July 2015 05:25 AM  |   Last Updated: 26th July 2015 05:25 AM   |  A+A-

PUDUCHERRY: Within a fortnight of borrowing Rs 100 crore from open market on July 14 Puducherry government has moved once again to borrow another Rs 100 crore from the market  through an auction to be conducted by the Reserve Bank of India at Mumbai on July 28. This is the second market borrowing in the current financial year, exposing the state of finances of the Union Territory.

According to a release from Finance Secretary Chandrakar Bharti, Government of Puducherry has offered to sell by auction the dated securities for an amount of Rs 100 crore with ten year tenure. Securities will be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter.

Auction will be conducted by Reserve Bank of India, Mumbai on Tuesday, the July 28, 2015.

Interested persons, Firms, Companies, Corporate Bodies, Institutions, Provident Fund, Trusts, Regional Rural Banks, Co-operative Banks  could submit 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 in the website www.rbi.org.in on July 28, 2015 between 10.30 am and 11.30 am. The competitive bids shall be submitted electronically on the Reserve Bank of India Core Banking Solution (E-Kuber) between 10.30 am and 12.00 pm on the same day.

The result of auction will be displayed by Reserve Bank of India, Mumbai on the July 28, 2015 on the above website. 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 Reserve Bank of India, Mumbai (Fort), or Chennai on July 29, 2015 before the close of banking hours.

The Government Stock will bear interest at the rate determined by the Reserve Bank of India at the auction. Interest will be paid on January 29th and July 29th for every financial year until repayment.

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