RBI TO CONDUCT AUCTION OF GOVERNMENT STOCK

 Panaji: October 8, 2017 …. As a part of the Government of India’s approved planned borrowing for the State for year 2017-18, the Government of Goa has offered to sell Goa State Government Stock (securities)of 10- year tenure of an aggregate amount of Rs. 200.00 crore (nominal). Government stock will be sold through the Reserve Bank of  India , Mumbai office (PDO) fort, Mumbai by auction at a coupon rate to be determined by the Reserve Bank of India at the yield based auction under  multiple price format.

The  auction will be conducted by the Reserve Bank of India at its Mumbai office, fort, Mumbai on October 10, 2017. Bids for the auction should be submitted in electronic format, on the Reserve Bank of India core banking solution (E- kuber) system on October 10, 2017. The competitive bids shall be submitted electronically on the Reserve Bank of India core banking solution (E-Kuber) system between 10.30 A.M. and 12.00 P.m. and the noncompetitive bids shall be submitted electronically on the Reserve Bank of India core banking solution (E-Kuber) system between 10.30 A.M. and 11.30 A.M. The result of the auction shall be displayed by the  Reserve Bank of India on its website on the same day.

The payment by successful bidders will be on October 11, 2017 before  close of banking hours by means of cash, banker’s cheque / pay order, demand draft payable at Reserve Bank of India, Mumbai (Fort). The loan will be repaid at par on October 11, 2027.The cut –off yield determined at the auction will be the coupon rate percent per annum on the stock sold at the auction. The interest will be paid every half yearly on April 11 and October 11.

            The auction is also open to eligible individuals and institutions on non competitive basis to maximum limits to 10% of the notified amount. The Goa State Government stock will be issued for a minimum amount of Rs. 10,000/- (face value) and in multiples thereof. The  Reserve Bank of India will have full discretion to accept or reject any or all bids either wholly or partially, if deemed fit, without assigning any reason.

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