Punjab proposes to float state loan of Rs 456 cr

Chandigarh, Jan 21 (UNI) The Punjab government, in line with the Reserve Bank of India, has proposed to float a state loan of Rs 456.101 crore to raise part of the borrowings through auction system.

Stating this here today, a spokesman of the government said that the consent of the Central government had already been obtained to the floatation of this loan.

The stocks would be of 10 years tenure, which would commence on January 25.

The loan would be repaid at par on January 25, 2018, he added.

The interest however, would be paid every half-yearly on July 25 and January 25 every year.

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