Bhubaneswar: For the eighth time during current financial year, the state government will raise `500 crore from open market through security sale for five-year tenure. The Finance Department Friday issued a notification in this
regard.
The proceeds of the loan will be utilised for financing development programme and projects to be implemented in the state. So far, the government has borrowed ` 3500 crore from the open market in seven times (`500 crore each).
The stock would be sold through auction to be conducted by the Reserve Bank of India (RBI), Mumbai, July 24. Bids for the auction are to be submitted in electronic format on RBI’s core banking solution (CBS) system- E-Kuber, on the same day in between 10.30 am and 12 pm.
The RBI would display the auction results on the same day while successful bidder has to make payment July 25 before close of banking hours.
While the borrowing stock would commence from July 25, 2018, the loan will be repaid July 25, 2023.
The interest rate for this borrowing would be paid January 25 and July 25 of every year till the end of the tenure, it said.
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