The Hindu Business Line : RBI auctions to raise Rs 7,000 cr

RESERVE Bank of India proposes to raise Rs 7,000 crore through the auction of two government securities on April 19, 2005. Of this Rs 5,000 crore will be raised through the auction of 8.07 per cent 2017, 12-year paper, through uniform price method. Te auction of 7.5 per cent, 2034, 29-year paper to raise Rs 2,000 crore will be through multiple price method.

The Kerala Government also announced the sale of a 10-year Kerala State Development Loan for an amount of Rs 300 crore, through multiple price auction method, on April 20.

According to a primary dealer, the effect of the auction announcements was seen on the 6.85 per cent, 2012, which is now the most actively traded paper. It opened at Rs 99.98. The announcement of the Kerala State auction led the paper to strengthen to above Rs 100. However after the RBI auction announcement the paper dropped to close at Rs 99.75, he said.

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