2045

PUNJAB GOVT. GAZ. (EXTRA), JUNE 30, 2023 (ASAR 9, 1945 SAKA)

EXTRAORDINARY

Published by Authority

CHANDIGARH, FRIDAY, JUNE 30, 2023 (ASADHA 9, 1945 SAKA)

( 2045 )

GOVERNMENT OF PUNJAB

FINANCE DEPARTMENT

(Finance Budget-2 Branch)

NOTIFICATION

The 30th June, 2023

No. 7/1/2023-2FB2/629.- Government of Punjab here by notifies the sale of Punjab Government Stock

(securities) of 25-year tenure for an aggregate amount of Rs.500 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

1.

(i)

The finance part of Capital Expenditure of Plan Schemes 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

2.

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 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 Facilityin 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 - 400 001

2046

PUNJAB GOVT. GAZ. (EXTRA), JUNE 30, 2023 (ASAR 9, 1945 SAKA)

28706-2023/Pb. Govt. Press, S.A.S. Nagar

on July 04, 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 July 04, 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 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

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 July 05, 2023.

Method of Payment

6. Successful bidders will make payments on July 05, 2023 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

7. The Stock will be of 25-year tenure. The tenure of the Stock will commence on July 05, 2023.

Date of Repayment

8. The loan will be repaid at par on July 05, 2048.

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 on January 05 and July 05.

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 Punjab

Sd/-

AJOY KUMAR SINHA, I.A.S.,

Principal Secretary to Government of Punjab

Department of Finance