The Hindu Business Line : On-tap sale of State Govt loans for Rs 7,300 cr

ALL State Governments, except Chhattisgarh and Punjab, will raise Rs 7,300 crore through on-tap sale of the 7.77-per cent, 2015, State Development Loan, according to a press release from the Reserve Bank of India.

This loan has a maturity of 10 years and will be raised through the normal market-borrowing programme. The auction will be held on May 17.

In case of over-subscription, the States have the option to retain excess subscription to the extent of 10 per cent of their respective amounts. The RBI can close the sale during or after close of banking hours on or after May 17.

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