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Banks pick up 75% of UDAY bonds

Instruments issued by eight states that have accumulated liability of Rs 2,05,010 cr as on September 30, 2015

Jyoti Mukul & Shreya Jai  |  New Delhi 

Of the Rs 1.11 lakh crore of bonds issued by the states and their power distribution utilities as part of debt restructuring, close to 75 per cent has been picked by banks, followed by the Life Insurance Corporation of India (LIC) and the Employees Provident Fund Organisation (EPFO). Private sector entities like mutual funds and banks have picked up eight per cent of the bonds amounting to Rs 9,030 crore. The Union government expects a large chunk, amounting to around Rs 3 lakh crore liability accumulated by state power distribution utilities, to be issued as bonds during the ...

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