Chennai: Nine State governments, including Tamilnadu, Maharashtra and Rajasthan, will raise Rs 9,800 crore by selling securities on April 15, the Reserve Bank of India said. The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system, it added.
“…State Governments have offered to sell securities by way of auction for an aggregate amount of Rs 9,800 core (Face Value),” the central bank said in a notification, on Thursday.
Tamilnadu, Rajasthan, and Maharashtra would auction securities worth Rs 2,000 crore each, followed by Telangana (Rs 1,500 crore) and Gujarat (1,000 crore). Punjab would selling securities of Rs 600 crore and Kerala Rs 500 crore. Goa and Nagaland plan to raise Rs 100 crore each.
The Reserve Bank further said it will determine the maximum yield/minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of Rs 10,000 and multiples of Rs 10,000 thereafter.