Financial Daily from THE HINDU group of publications
Wednesday, Jun 30, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 30, 2004 |
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Money & Banking
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Govt Bonds Govt announces sale of floating rate bonds for Rs 6,000 cr Our Bureau
Mumbai , June 29 THE Government of India has announced the sale of `Floating Rate Bonds, 2015' for an aggregate amount of Rs 6,000 crore by auction using the uniform price format. It has also announced the sale (re-issue) of `6.13 percent Government Stock 2028' for a notified amount of Rs 2,000 crore (nominal) through a price-based auction using the multiple price auction method. Up to 5% of the notified amount of the sale of the bonds/ stock will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities. The Reserve Bank of India, Mumbai, on July 1, will conduct the auctions. The bids should be submitted by July 1. On the basis of the bids received, the RBI will determine the maximum spread, for the floating rate bonds at which offers will be accepted. The auction will be conducted using the uniform price method for floating rate bonds, where bids offered up to and including the maximum spread as determined by the RBI will be accepted. On the basis of the bids received, RBI will determine the maximum price up to which offers will be accepted for 6.13% Government Stock 2028.
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