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Private Placement of Special Securities of Andhra Pradesh under UDAY scheme
October, 14th 2016

Andhra Pradesh Government proposes to issue Special Securities of a notified amount of 8,256.01crore, under the Ujjwal Discom Assurance Yojna Scheme (UDAY). Eligible market participants interested in subscribing to these Special Securities are advised to email their bids as per the format given below between 10.30 am to 12.00 noon on October 17, 2016 (Monday).

Investor name Spread offered over 10 year FIMMDA yield Amount to be subscribed
     

Allotment of securities and settlement will take place on October 18, 2016 (Tuesday). The terms and conditions of the issuance are as under:

  1. The Special Securities will have a face value of 100.

  2. Securities will be issued in equal strips with a maturity at the end of 10th, 11th, 12th, 13th, 14th and 15th year. An investor will be required to purchase entire structure and the bid amount will be uniformly distributed across all tenors.

  3. Minimum size of bid will be 100 crore.

  4. Base rate will be the yield on 10 year FIMMDA G-sec yield as at close of October 14, 2016.

  5. The uniform spread (with a cap of 75 bps over 10 year GoI FIMMDA yield) offered by the bidder will be added to the base rate to arrive at the coupon to be paid on semiannual basis.

  6. Successful bidders will be determined on the basis of competitive spread.

  7. The Reserve Bank of India will have the discretion to accept or reject any/all bids at its sole discretion.

It may be recalled that the Ministry of Power, Government of India on November 20, 2015 issued an Office Memorandum (No 06/02/2015-NEF/FRP) on “UDAY (Ujjwal Discom Assurance Yojna) Scheme for Operational and Financial Turnaround of Power Distribution Companies (DISCOMs)”.

Anirudha D. Jadhav
Assistant Manager

Press Release : 2016-2017/909

 
 
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