Punjab govt to float loan of Rs 437.86 crore

Chandigarh, May 9 (UNI) The Punjab Government, today announced its proposal to float a 10 year loan of Rs 437.86 crore, in consultation with the Reserve Bank of India (RBI).

The auction of the loan would be kept open till May 11.

An offical spokesman said the government stock would be sold through the RBI's Mumbai office (PDO) by auction, at a coupon rate, to be determined by the RBI at the yield auction under multiple price format and would be paid half-yearly on every November 12 and May 12.

The application form duly filled in with the bids could be submitted to the aforesaid RBI office on May 11 and the payment by the successful bidders would be on May 12.

He further added that the state government stock would be issued by credit to the Subsidiary General Ledger (SGL) account maintained with RBI, to the parties having such accounts and in the form of stock certificates to others.

This stock would be issued for a minimum amount of Rs 10,000 (face value) and in multiples thereof.

UNI HS JMK MP