Guwahati: The Government of Assam has offered to sell the dated securities (State Development Loan) for an amount of Rs.1000.00 crore with ten year tenure by auction. The auction will be conducted by the Reserve Bank of India at Mumbai Office on December 13 next, a government communiqué informed.
The procedure of auction of the State Development Loan is as under: All competitive bids shall have to be submitted electronically on the Reserve Bank of India Core Banking Solution (E-Kuber) System.
Those, other than CBS members, shall route their competitive bids through a CBS member. Competitive bids have to be submitted between 10:30 A.M. and 12.00 P.M. on the day of the auction, as hitherto.
In case of non-competitive bids, under the scheme, an investor can submit a single bid only in the auction of a State Development Loan, subject to a maximum of 1% of the notified amount, through a bank or a primary dealer. Non-competitive bids may be submitted only electronically on the CBS between 10:30 AM and 11.30 A.M. on the day of auction. No bids under the Non-Competitive Bidding Scheme shall be accepted after 11.30 A.M.
No bids shall, henceforth, be accepted in physical format in the auctions of State Development Loans, except in extra-ordinary situations as may be specified by the Reserve Bank of India. The bids may be submitted electronically to the Regional Director, Reserve Bank of India, Mumbai Office, Fort, Mumbai-400001.
The result of auction shall be displayed by the Reserve Bank of India on its website on the same day of auction. The payment by successful bidders will have to be made on Dec 14 2016.
