An official notification said here today that the proceeds of the loan will be utilised to finance state plan outlay in connection with the development programmes of the state government.
The auction of the government stock will be conducted by the Reserve Bank at its Mumbai office on October 28, 2014.
The notification said that Interest will be paid on April 29 and October 29 every year.
The stock will be of 10-year tenure and the tenure of stock will commence on October 29, 2014. The loan will be repaid at par on October 29, 2024.