The Puducherry government today announced sale of eleven-year securities in the form of stock to the public by auction to aggregate Rs 100 crore.
Puducherry Finance Secretary V Candavelou said in a release that the auction would be conducted by Reserve Bank of India Mumbai Office (Fort) on October 24.
The release said that securities would be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter. The government stock would bear interest at the rate determined by RBI at the auction.
Interest would be paid on April 25 and October 25 every financial year until repayment. The stocks would qualify for ‘ready forward facility,’ the release said.
Interested persons, firms, companies, corporate bodies and trusts may submit a single consolidated non-competitive in electronic format at “http://www.rbi.org. in/ on October 24 between 10.30 a.m. and 11.30 a.m. The release said competitive bids should be submitted electronically at www.rbi.org.in between 10.30 a.m. and noon on the same day.
The result of auction would be displayed by RBI Fort Mumbai on October 24 on its 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 RBI Mumbai (Fort) or Chennai on October 25, before close of banking hours.