Financial Daily from THE HINDU group of publications
Saturday, Apr 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 30, 2005 |
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Money & Banking
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Govt Bonds Rs 8,000-cr Govt stock sale on May 3 Our Bureau
Mumbai , April 29 THE Union Government has announced that it would raise Rs 8,000 crore through the auction of two dated securities using the multiple price auction method. The Reserve Bank of India will conduct the sale on May 3. According to an RBI release, the Government will raise Rs 6,000 crore through the sale (re-issue) of `7.55 per cent Government Stock 2010' and Rs 2,000 crore through the sale (re-issue) of `7.5 per cent Government Stock 2034'. As per the calendar for issuance of Government securities, the 7.5 per cent 20-year stock was scheduled for a notified amount of Rs 4,000 crore. However, the notified amount was later reduced to Rs 2,000 crore. Up to five per cent of the notified amount of the sale of the stocks will be allotted to eligible individuals and institutions as per the scheme for non-competitive bidding facility in the auction of Government Securities for both the auctions. Bids should be submitted on May 3 by 12.30 p.m. The results of the auctions will be announced on May 3 and successful bidders will have to make payment on May 4. The stocks will qualify for the ready forward facility.
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