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Our Bureau

Mumbai , Nov. 3

THE Reserve Bank of India's `on tap sale' of the 7.36 per cent State Development Loan, 2014 in respect of eighteen states, for an amount of Rs 6,200 crore, which closed today, was undersubscribed.

Bond market analysts ascribed the under subscription to tight liquidity conditions in the market.

The central bank received total subscriptions of Rs 5,621 crore of which it has retained Rs 5,084 crore, said an RBI press release.

The `on tap sale' started for 25 State governments on Tuesday, of which the sale of seven States — Goa, Gujarat, Himachal Pradesh, Karnataka, Madhya Pradesh, Tamil Nadu and West Bengal — were closed on Tuesday.

The `on-tap sale' which closed today, were in respect of 18 States.

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