Kerala announces auction of State Development Loan

Mumbai May 8 (UNI) The Kerala government today announced the sale of a 10-year State Development Loan for an aggregate amount of Rs 350 crore through a yield-based auction, using multiple price auction method.

The auction will be conducted by the Reserve Bank of India (RBI) at Mumbai on May 10 this year, a RBI release said here today.

Bids in the prescribed form, obtainable from the Regional Director Reserve Bank of India, should be submitted on May 10 before 1230 hrs said RBI in the release.

On the basis of bids received, RBI will determine the maximum yield at which offers will be accepted.

The results of the auction will be announced on the same day and payment by successful bidders will be held during banking hours on May 11 at RBI, Mumbai and Thiruvananthapuram.

UNI