TN govt sells securities to raise Rs 1,000 cr

 In a bid to spend for various welfare schemes implemented in the State, the Tamil Nadu government on Friday announced the sale of ten-year securities in the form of stock to the public, by auction for an aggregate amount of Rs 1,000 crore.

An official from the finance department said that the objective of obtaining loan through auction is to finance a part of capital expenditure of plan projects and other development schemes under execution.

Finance Secretary K Shanmugam on Friday said that the auction will be conducted by the Reserve Bank of India (RBI) on June 23, in Mumbai.

He said competitive bids between 10.30 am and 12.00 pm and non-competitive bids between 10.30 am and 11.30 am will be submitted electronically on the negotiated dealing system on the auction day.

The government stock of up to 10 per cent of the notified amount of the sale will be allotted to eligible individuals and institutions (non-competitive bidders), subject to the maximum limit of 1 per cent of the notified amount for a single bid as per the scheme for non-competitive bidding facility in the auctions of state government securities.

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