Punjab to float Rs 300 crore loan for 10 years tenure

Chandigarh, Mar 8 (UNI) The Punjab Government in consultation with the Reserve Bank of India (RBI) has proposed to float a loan of Rs 300 crore of ten years tenure, auction of which would be kept open on March 13, 2007.

Disclosing this here today, a spokesman of the Department of Finance (Punjab) said the state government stock would be sold through RBI, Mumbai office (PDO) Fort, Mumbai 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 September 14 and March 14.

The application form duly filled in with the bids could be submitted to the aforesaid RBI office on March 13, 2007 by 1230 hrs and the payment by the successful bidders would be on March 14, 2007.

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

This stock would be issued for a minimum amount of Rs ten thousand (fee value) and in multiple thereof.

UNI