The Punjab Government in consultation with the Reserve Bank of India (RBI) has proposed to float a loan of Rs. 437.86 crore of ten years tenure and auction of the loan would kept open on May 11, 2006.
Disclosing this here today, a spokesman of the Department of Finance Punjab said that 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 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, 2006 by 12.30 P.M. and the payment by the successful bidders would be on May 12,2006.
He further added that the state government stock would be issued to the parties by credit 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 (face value) and in multiples thereof.
News from Punjab
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