Uttar Pradesh to raise Rs 1K crore through sell of securities

RBI today said Uttar Pradesh government has offered to sell by way of auction 10-year dated securities for a notified amount of Rs 1,000 crore.
"Uttar Pradesh has offered to sell by way of auction 10-year dated securities for a notified amount of Rs 1,000 crore (face value)," the central bank said in a statement.
"The auction will be conducted on the Reserve Bank of India Core banking Solution (E-Kuber) system on September 8 along with other 11 state government securities," it added.
The statement further said, the aggregate amount for twelve states will be Rs 10,650 crore.
Auction of 11 State Government securities was announced earlier on September 4, 2015.

According to the statement, the state government stocks will bear interest at the rates determined by the Reserve Bank at the auctions.
Interest will be paid half yearly on March 9 and September 9 of each year till maturity, the statement said.
The stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007, it added.