The Specific Notification of Department of Finance of No. 636/R-14-04-2021/B-4/4, Dated 27-03-2023

 DEPARTMENT OF FINANCE Mahanadi Bhawan, Mantralaya, Nava Raipur Atal Nagar

Atal Nagar, the 27th March 2023

SPECIFIC NOTIFICATION

No. 636/R-14-04-2021/B-4/4.⸺ Government of Chhattisgarh hereby notifies the sale of Chhattisgarh Government Stock (Securities) of 08-year tenure for an aggregate amount of Rs.2000 crore (Nominal). The sale will be subject to the terms and conditions spelt out in this notification (called specific Notification) as also the terms and conditions specified in the General Notification No. 469/F-04-04849/04/B-4/2019 dated July 05, 2019 of Government of Chhattisgarh.

Object of the Loan

1. (i) The loan is required for Financing Development Schemes.

(ii) Consent of Central Government has been obtained to the floatation of this loan as required by Article 293(3) of the Constitution of India.

Method of Issue

2. Government Stock will be sold through the Reserve Bank of India, Mumbai Office (PDO) Fort, Mumbai- 400001 by auction in the manner as prescribed in paragraph 6.1 of the General Notification No. 469/F-04- 04849/04/B-4/2019 dated July 05, 2019 at a coupon rate to be determined by the Reserve Bank of India at the yield based auction under multiple price formats.

Allotment to Non-competitive Bidders

3. The Government Stock up to 10% of the notified amount of the sale will be allotted to eligible individuals and institutions subject to a maximum limit of 1 % of the notified amount for a single bid as per the Revised Scheme for Non-competitive Bidding Facility in the Auctions of State Government Securities of the General Notification (Annexure-II).

Place and Date of Auction

4. The auction will be conducted by the Reserve Bank of India, at its Mumbai Office, Fort, Mumbai - 400001 on March 28, 2023. Bids for the auction should be submitted in electronic format, on the Reserve Bank of India Core Banking Solution (E-Kuber) system as stated below on March 28, 2023. (a) 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 11.30 P.M.

(b) The non-competitive 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.

Result of Auction

5. The result of the action shall be displayed by the Reserve Bank of India on its website on the same day. The payment by successful bidders will be on March 29, 2023.

Method of Payment

6. Successful bidders will make payments on March 29, 2023.before close of banking hours by means of cash, bankers cheque/pay order, demand draft payable at Reserve Bank of India, Mumbai/ Nagpur or a cheque drawn on their account with Reserve Bank of India, Mumbai (Fort) /Nagpur.

Tenure

7. The Stock will be of 08-year tenure. The tenure of the Stock will commence March, 2023.

Date of Repayment

8. The loan will be repaid at par on March 29, 2031.

Rate of Interest

9. 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 September 29 and March 29.

Eligibility of Securities

10. The investment in Government Stock will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

By order and in the name of the Governor of Chhattisgarh,

ANKIT ANAND, Secretary.