Puducherry government announces auction of 15 years security

The Puducherry government on Saturday announced the sale of 15 years security in the form of stock, by auction for an aggregate amount of Rs 25 crores.

Secretary to Finance of Puducherry government, V Candavelou said in a release that the auction would be conducted by Reserve Bank of India at Fort, Mumbai on March 27.

He said that the securities would be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 there after.

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The Secretary said that interested persons, firms, companies, corporate bodies, institutions, Provident Fund, Trusts, Regional Rural banks and Cooperative Banks could submit a single consolidated ‘non -competitive bid’ on behalf of all its constituents in electronic format on RBI website www.rbi.org.in.

“The competitive bids should be submitted electronically on the RBI Core banking solution (E-Kuber) between 10.30 AM and 12 PM on March 27,” he said.

The result of auction will be displayed on the website on the same day.

Successful bidders should deposit the price amount of the stock by means of a Banker’s Cheque or Demand Draft payable at RBI Mumbai or Chennai on March 29,  before the close of banking hours, the release said.

The government stock will bear interest at the rate determined by RBI at the auction. Interest will be paid on September 29 and March 29 of every financial year until repayment. The stocks will qualify for Ready Forward Facility, the Secretary said.