Chandigarh, April 5 – Haryana Government has notified the sale of Haryana Government Stock (Securities) of 10-year tenure for an aggregate amount of Rs. 650 crore.
A notification to this effect has been issued by the Finance Department, Haryana. As per the notification, the proceeds of the loan will be utilised for financing capital expenditure in connection with the development programmes of the State Government.
The auction of the government stock will be conducted by the Reserve Bank of India at its Mumbai Office on April 10,2012. Bids for the auction should be submitted in electronic format, on the Negotiated Dealing System (NDS) on April 10, 2012. The competitive bids should be submitted electronically on the NDS between 10.30 a.m. and 12.30 p.m. and non-competitive bids between 10.30 a.m. and 11.30 a.m.
The Government stock upto 10 per cent of the notified amount of the sale will be allotted to eligible individuals and institutions subject to a maximum limit of one per cent of the notified amount for a single bid as per the Revised Scheme for non-competitive bidding facility in the auctions of State Government Securities of the General Notification.
The results of the auction shall be displayed by the Reserve Bank of India on its website the same day. Successful bidders will make payments on April 11, 2012 before close of banking hours by means of cash, banker’s cheque or pay order or demand draft payable at Reserve Bank of India, Mumbai or New Delhi or a cheque drawn on their account with Reserve Bank of India, Mumbai Fort or New Delhi. Interest will be paid half yearly on October 11 and April 11.
The stock will be of ten-year tenure which would commence on April 11, 2012. The loan will be repaid at par on April 11, 2022.