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First Debt Buyback In May

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P Vaidyanathan Iyer BUSINESS STANDARD

Rs 40,000 crore of costly debt to be bought back in 2003-04

The first buyback deal of costly government debt is likely to be executed through a reverse auction next month.

Banks will be required to specify the price at which they are willing to sell their holdings back to the Centre.

The government has decided to buy back the high-coupon securities from the banks at a discount.

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First Published: Apr 15 2003 | 12:00 AM IST

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