Punjab to issue spl securities of Rs 559 cr under UDAY

Punjab Government has proposed to issue special securities of Rs 559.12 crore under the Centre's Ujjwal Discom Assurance Yojana (UDAY) scheme.
Allotment of securities and settlement will take place on September 23, the Reserve Bank said in a statement.
The special securities will have a face value of Rs 100 and will be issued in equal strips with a maturity at the end of 6th, 7th, 8th, 9th and 10th year.
"An investor will be required to purchase entire structure and the bid amount will be uniformly distributed across all tenors," the central bank said.
Minimum size of bid will be Rs 100 crore.

Power Ministry had launched the Ujjwal Discom Assurance Yojana (UDAY) in November last for revival of debt ridden power distribution companies (DISCOMs) in different states.

Meanwhile, the RBI said the government will sell four dated securities for Rs 14,000 crore on September 23.
"The auction for securities will be price based using multiple price method. Up to 5 per cent of the notified amount of the sale of the stocks will be allotted to eligible individuals and institutions...," the RBI said.
Both competitive and non-competitive bids for the auction has to be submitted in electronic format on the Reserve Bank's Core Banking Solution (E-Kuber) system.