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Wednesday, Jan 12, 2005

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Money & Banking - Govt Bonds


On-tap sale of 20 State Govt bonds closed

Our Bureau

Mumbai , Jan. 11

THE `on tap' sale of 7.02 per cent ten years State development loans, in which 20 States are selling the security to raise Rs 6,000 crore, has closed in respect of nine States.

The States — Andhra Pradesh, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Rajasthan and Tamil Nadu - - have received their target amounts, said a press release.

Amounts of allotment in respect of these States are being advised to the investors concerned.

The sale on tap in respect of loans for the remaining 11 States, viz., Assam, Bihar, Himachal Pradesh, Jammu & Kashmir, Manipur, Meghalaya, Nagaland, Punjab, Tripura, Uttar Pradesh and West Bengal will be kept open on January 12, to collect the balance target amount, the release said.

Applications in the prescribed form can be obtained from the Public Debt Office of the respective offices of the RBI and Mumbai Office.

Applications will be received at these offices during banking hours while the tap sale is open. The RBI reserves the right to close the tap sale during the banking hours on January 12, having regard to the borrowing requirements of the State Governments and the subscriptions received, according to the release.

As notified earlier, payment will be required to be made by the investors on January 13, in respect of subscriptions received and allotted both on January 11 and January 12.

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