Puducherry Government today announced sale of nine year securities in the form of stock to the public by auction for an aggregate amount of Rs 100 crore.
The auction would be conducted by Reserve Bank of India at Fort Mumbai on August 22 and the securities would be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter, Secretary to Finance V Candavelou said in a release today.
Interested persons, firms, companies, corporate bodies, institutions, Provident Fund Trusts, Regional Rural Banks and Cooperative Banks may submit a single consolidated 'non competitive bid' on behalf of all its constituents in electronic format on the RBI core banking solution (e-Kuber) available in the website www.rbi.org.in on August 22 between 10.30 AM and 11.30 AM.
The competitive bids should be submitted electronically on the RBI core banking solution (e-kuber) between 10.30. AM and 12 noon the same day, Candavelou said.
The result of the auction would be displayed by the RBI Fort Mumbai on August 22 on its website, he said.
Successful bidders should deposit the price amount of the stock covered by their bids by a Banker`s Cheque or Demand Draft payable at RBI Mumbai Fort or Chennai on August 23 before close of banking hours, the Secretary said.
The government stock would bear interest at the rate determined by the RBI at the auction.
Interest would be paid on February 23 and August 23 of every financial year until repayment. The stocks would qualify for 'ready forward facility', the Secretary said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)