| Regd. No. NW/CH-22 | 1431 Regd. No. CHD/0092/2018-2020 | |
| PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 1, 2020 (ASVN 9, 1942 SAKA) | ||
EXTRAORDINARY
Published by Authority
CHANDIGARH, THURSDAY, OCTOBER 1, 2020 (ASVINA 9, 1942 SAKA)
GOVERNMENT OF PUNJAB
FINANCE DEPARTMENT
(Finance Budget-II Branch)
NOTIFICATION
The 1st October, 2020
No.7/1/2020-2FBII/481.-Government of Punjab hereby notifies the sale of Re-issue of 6.95% Punjab SDL 2040 Issued On September 30, 2020 for an aggregate amount of Rs.1300 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. 7/3/2017-2FBII/445 dated May 08, 2017 of Government of Punjab.
Object of the Loan
2. (i) To finance part of Capital Expenditure of Plan Schemes and to meet the expenditure on account of committed liabilities and other development schemes under execution
(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
3. Government Stock will be sold through the Reserve Bank of India, Mumbai Office (PDO) Fort, Mumbai- 400 001 by auction in the manner as prescribed in paragraph 6.1 of the General Notification No. 7/3/2017- 2FBII/445 dated May 08, 2017 at a coupon rate to be determined by the Reserve Bank of India at the Price based auction under multiple price formats.
Allotment to Non-competitive Bidders
4. 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).
PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 1, 2020 (ASVN 9, 1942 SAKA) 1432 Place and Date of Auction5. The auction will be conducted by the Reserve Bank of India, at its Mumbai Office, Fort, Mumbai - 400 001 on October 06, 2020. 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 October 06, 2020.
(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 A.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 11.00 A.M
Result of the Auction
6. 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 07, 2020.
Method of Payment
7. Successful bidders will make payments on October 07, 2020 before close of banking hours by means of cash, bankers' cheque/pay order, demand draft payable at Reserve Bank of India, Mumbai/ New Delhi or a cheque drawn on their account with Reserve Bank of India, Mumbai (Fort) /New Delhi.
Tenure
8. The Stock will be of 20-year tenure from the date of commencement on September 30, 2020.
Date of Repayment
9. The loan will be repaid at par on September 30, 2040.
Rate of Interest
10. Interest at the rate of 6.95% per annum will accrue on the nominal value of the stock from the date of original issue date and will be paid half yearly on March 30 and September 30.
Eligibility of Securities
11. 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 Punjab
K A P SINHA
Principal Secretary to the Government of Punjab,
Finance Department.