Bihar to issue bonds of Rs 777cr under UDAY scheme on Tuesday

Bihar will issue bonds worth over Rs 777 crore on Tuesday under UDAY scheme for discoms, introduced by the government to bail out loss making power utilities in the country.
"Bihar government proposes to issue special securities of a notified amount of Rs 777.26 crore, under the Ujjwal Discom Assurance Yojana Scheme (UDAY)," RBI said in a notification.
RBI has asked the eligible market participants interested in subscribing to these special securities between 10:30am to 12 Noon on September 6.
"Allotment of securities and settlement will take place on September 7, 2016," it added.
The terms and conditions of the issuance are as under:

The bonds will have a face value of Rs 100 and the minimum size of the bid has been fixed at Rs 100 crore.
RBI reserves the right to accept or reject any/all bids at its sole discretion.
Power Ministry in November 2015 had issued memorandum on UDAY for operational and financial turnaround of power distribution companies (discoms).