RBI to conduct auction to sell securities on Mar 26

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Puducherry, Mar 19 (UNI) The Reserve Bank of India (RBI), (Fort) Mumbai, will conduct an auction to sell the dated securities for an amount of Rs 160 crore, with ten years tenure, on March 26.

Ms Naini Jayaseelan, Secretary, Finance in a release here today said with the Puducherry Government offering to sell the securities by auction, the securities would be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000, thereafter.

She said the Government stocks would bear the interest rate determined by the RBI at the auction and would be paid half yearly on September 27 and March 27. The stocks would be governed by the provisions of the Government Securities Act, 2006 and would qualify for ready forward facility, she added.

Interested persons could submit their bids in prescribed form obtainable from the RBI before March 26, she said, and added that the result of the auction would be displayed at RBI, (Fort) Mumbai on the same day.

Successful bidders should deposit the price amount of the stock covered by their bids by cheque or DD payable at RBI, Mumbai or Chennai on March 27. The yield per cent per annum expected by the bidder should be expressed upto two decimal points, she said.

An investor could submit more than one bid at different rates with a separate application for each bid. The aggregate amount of bids submitted by a person should not exceed the notification, she added.


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