Puducherry govt to raise Rs 200 crore through auction of dated securities

The auction would be conducted by the RBI's Mumbai office (Fort) on Jan 9. Securities will be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter

The Puducherry government has offered to sell 12-year dated securities to the public in the form of stocks by auction for an aggregate amount of Rs 200 crore, a release from the Commissioner-cum-Secretary to Finance of Puducherry administration Ashish Madhaorao More said.

The auction would be conducted by the Reserve Bank of India's Mumbai office (Fort) on January 9.

Securities will be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter.

Interested persons, firms, companies, corporate bodies, institutions, Provident Funds, 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 Reserve Bank of India Core banking solution (E-Kuber), available on the website www.rbi.org.in on January 9 between 10.30 am and 11 am, the release said.

The result of the auction will be displayed by RBI Mumbai (Fort) on January 9 on the 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 January 10 before the close of banking hours.

It was also stated that the government stock would bear interest at the rate determined by RBI at the auction. Interest will be paid on July 10 and January 10 every financial year until repayment.

The stocks would qualify for Ready Forward facility, the release added.