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Nine states to raise Rs 9,800 cr through auction of securities

Press Trust of India  |  Mumbai 

Nine state governments, including Maharashtra, and Tamil Nadu, will raise Rs 9,800 crore by selling securities on April 15, the Reserve said Thursday.

The auction will be conducted on the of India Core Banking Solution (E-Kuber) system, it added.

"...State Governments have offered to sell securities by way of auction for an aggregate amount of Rs 9,800 core (Face Value)," the central said in a notification.

Tamil Nadu, Rajasthan, and would auction securities worth Rs 2,000 crore each, followed by Telangana (Rs 1,500 crore) and (1,000 crore).

would selling securities of Rs 600 crore and Rs 500 crore. and plan to raise Rs 100 crore each.

The Reserve Bank further said it will determine the maximum yield/minimum price at which bids will be accepted.

Securities will be issued for a minimum nominal amount of Rs 10,000 and multiples of Rs 10,000 thereafter.

The securities will bear interest at the rates determined by RBI at the auctions.

For the new securities, interest will be paid half yearly on October 16 and April 16 of each year till maturity.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 21:10 IST