Maharashtra to sale Rs1K Crore securities
Mumbai, dt. 19: The Government of Maharashtra has notified the sale of securities worth Rs. 1000 crore for a period of 8 years. The sale will be subject to the terms and conditions mentioned in the specified notification of the Government. Also the state government's no. LNF. 10.19 / S.No. 10 / Arthopaya, dt. Subject to the terms and conditions set forth in the revised General Notification dated May 16, 2019 and amended from time to time.
Purpose of the loan: - The amount received through the loan will be used to finance the development program of the Government of Maharashtra. Under Article 293 (3) of the Constitution of India, permission has been sought from the Central Government for raising loans.
Procedure: - Sale of Government Bonds by Reserve Bank of India, Fort, Mumbai 400 001. Revised General Notification No. dated May 16, 2019. LNF. 10.19 / Q.10 / Arthropay, will be auctioned as per the procedure laid down in paragraph 6.1.
Provided to Non-Competitive Bidders, State Government General Notification No LNF.10.19 / Q.No.10 / Arthopaya, dt. As per the non-competitive auction system (revised) in May 16, 2019, 10 per cent of the total notified Government Debt Amount will be allotted to eligible individual and institutional investors. However, an investor will be allotted up to a maximum of 1 per cent of the total notified amount.
Date and place of auction: - Dated by Reserve Bank of India. The auction will be held on November 24, 2020 at his office in Fort, Mumbai. Auction Bids On 24th November, 2020, RBI, Core Banking Solution (e-Kuber) system should be submitted as per the following computer system: (a) Competitive bids through computer system, RBI, Core Banking Solution (e-Kuber) system in the morning. Should be submitted from 10.30 am to 11.30 am. (B) Non-competitive bids should be submitted through computerized system as per Reserve Bank of India, Core Banking Solution (E-Kuber) system from 10.30 am to 11.00 am.
Result of the auction: - The result of the auction will be published by the Reserve Bank of India, Mumbai on their website on the same day. Payment from successful bidders Will be done on November 25, 2020.
Procedure for awarding: - From successful bidders. Bankers' checks / issuance orders, demand drafts or checks payable to their account at Reserve Bank of India, Mumbai will be issued on November 25, 2020 at the office of Reserve Bank of India, Fort, Mumbai.
Debt period: - The term of the bond will be 8 years. The period of cash is dt. From November 25, 2020. Will start. Repayment Date - The loan will be repaid at full cost on November 25, 2028. Interest rate. The maximum return rate will be equal to the 100% coupon rate per annum on the bonds sold at auction. Provision of interest every year. This will be done on a semi-annual basis on May 25 and November 25.
Eligibility for Loans.- Banks' investment in government securities shall be deemed eligible for the purpose of Statutory Cash Easy Ratio (SLR) under Section 24 of the Banking Regulations Act, 1949. Bonds will be permissible for resale-purchase. This is mentioned in the notification of the Finance Department dated November 19, 2020.