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Our Bureau

Mumbai , Sept. 9

THE Rs 4,000-crore auction of the nine-year floating rate bonds devolved on both the primary dealers (PDs) and the Reserve Bank of India on Thursday.

The cut-off spread was fixed at 0.45 per cent while the base rate for the first year was fixed at 5.02 per cent. The rate of interest for the first half-year was at 5.47 per cent, said an RBI press release.

The RBI received and accepted one non-competitive bid amounting to Rs 48 lakh , while it received a total of 96 competitive bids amounting to Rs 4,505 crore, of which 70 competitive bids amounting to Rs 2,755 crore were accepted.

Underwriting accepted from PDs was at Rs 1,925 crore. Devolvement on primary dealers was to the tune of Rs 615 crore and the devolvement on the RBI was to the extent of Rs 629.52 crore.

One leading nationalised bank, kept away from the auction today, according to sources. Meanwhile, the Rs 3,000-crore auction of the 6.65 per cent 2009 paper was fully subscribed.

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