The Government of Meghalaya, says an official press release, will raise a loan of Rs 7.75 crores from the open market during the current financial year (1984-85) with the right to retain excess subscriptions, if any, not exceeding 10% of the above amount.
The loan is described as 9.00 per cent Meghalaya State Development Loan, 1999 to be issued at Rs. 100.00 per cent and redeemable at par on the 4th September, 1999.
The proceeds of the loan will be utilised for financing productive developmental programmes and projects of the Government of Meghalaya.
Subscription will be received on the 4th September, 1984 upto the close of banking hours in the form of Cash/Cheque or conversion of securities of the 6% and of the 5% Meghalaya State Development Loans 1984. Applications for the loan must be for Rs.100 or multiple thereof.
Application form and special option form for conversion of the above mentioned securities with full particulars may be obtained from the branches or the State Bank of India within the State of Meghalaya.