The auction of the government stock will be conducted by the Reserve Bank at its Mumbai office on September 23. Bids for the auction should be submitted in electronic format, on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 23, 2014, the notification said.
The results of the auction would be displayed by the Reserve Bank on its website on the same day and the successful bidders will make payments on September 24, 2014 before close of banking hours by cash, cheque, pay order or demand draft. Interest will be paid on March 24 and September 24, the notification said adding that the stock will be of 10-year tenure and the tenure of stock will commence on September 24, 2014.
The loan will be repaid at par on September 24, 2024.