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RBI-Auction of State Government Securities for ` 6,480 crore on May 21, 2013
May, 20th 2013

The following Eleven State Governments have offered to sell dated securities by way of auction for an aggregate amount of `6,480 crore (Face Value). The State-wise break up is as follows:

Sr. No.

Name of the State

Notified amount 
` cr )

1.

Andhra Pradesh

1000

2.

Goa

200

3.

Haryana

1000

4.

Jammu & Kashmir

200

5.

Kerala

500

6.

Punjab

200

7.

Nagaland

80

8.

Rajasthan

500

9.

Tamil Nadu*

800

10.

Uttar Pradesh

1000

11.

West Bengal

1000

   

6480

* Government of Tamil Nadu will have the option to retain additional subscription of ` 200 crore over and above the notified amount.

The auction will be conducted on the Reserve Bank of India Core banking Solution (E-Kuber) system on May 21, 2013 (Tuesday). The Government Stock up to 10 % of the notified amount of the sale of each of the stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1 % of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility (available on RBI website).

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core banking Solution (E-Kuber) system on May 21, 2013 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.30 A.M. and the competitive bids should be submitted between 10.30 A.M. and 12.00 noon.

The yield percent per annum expected by the bidder should be expressed upto two decimal points. An investor can submit more than one competitive bid at different prices in electronic format on the Reserve Bank of India Core banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield/minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ` 10,000.00 and multiples of ` 10,000.00 thereafter.

The results of the auction will be announced on May 21, 2013 (Tuesday) and payment by successful bidders will be made during banking hours on May 22, 2013 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. Interest will be paid half yearly on November 22 and May 22 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad
Assistant General Manager

Press Release : 2012-2013/1925

 
 
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