EXTRAORDINARY
PUBLISHED BY AUTHORITY
No. 351, CUTTACK, FRIDAY, MARCH 9, 2018 / FALGUNA 18, 1939
FINANCE DEPARTMENT
NOTIFICATION
The 9th March, 2018
No. 5894– FIN-BUD3-PD-0005/2017/F.. — Government of Odisha hereby notifies the sale of Odisha Government Stock (securities) of 3(Three) years tenure for an aggregate amount of Rs.500.00 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.30674/F., dated the 20th July, 2007 of Government of Odisha.
Object of the Loan:
1. (i) The proceeds of the loan will be utilized for financing development programme and projects to be implemented in the State.
(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.30674/F, dated the 20th July, 2007 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:
2 (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 12.00 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 the Auction:
5. 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 14th March, 2018.
Method of Payment:
6. Successful bidders will make payments on 14th March, 2018 before close of banking hours by means of cash, bankers' cheque / pay order, demand draft payable at Reserve Bank of India, Mumbai / Bhubaneswar or a cheque drawn on their account with Reserve Bank of India, Mumbai (Fort) / Bhubaneswar.
Tenure:
7. The stock will be of 3-year tenure. The tenure of the stock will commence on 14th March, 2018.
Date of Repayment:
8. The loan will be repaid at par on 14th March, 2021.
Rate of Interest:
9. The cut-off yield determined at the auction will be the coupon rate per cent per annum on the Stock sold at the auction. The interest will be paid on 14th September & 14th March.
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 of the Governor
T. K. PANDEY
Principal Secretary to Government