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| PUNJAB GOVT. GAZ. (EXTRA), APRIL 25, 2024 (CHTR 5, 1946 SAKA) | ||
EXTRAORDINARY
Published by Authority
CHANDIGARH, THURSDAY, APRIL 25, 2024 (CHAITRA 5, 1946 SAKA)
GOVERNMENT OF PUNJAB
FINANCE DEPARTMENT
(Finance Budget-2)
NOTIFICATION
The 25th April, 2024
No.7/1/2024-2FB2/433.-Government of Punjab hereby notifies the sale of Punjab Government Stock (securities) of 13-year tenure for an aggregate amount of Rs.700crore (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
4110 PUNJAB GOVT. GAZ. (EXTRA), APRIL 25, 2024 (CHTR 5, 1946 SAKA)on April 30, 2024. 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 April 30, 2024.
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 May 02, 2024.
Method of Payment
6. Successful bidders will make payments on May 02, 2024 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 13-year tenure. The tenure of the Stock will commence on May 02, 2024.
Date of Repayment
8. The loan will be repaid at par on May 02, 2037.
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 November 02 and May 02.
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/-
KAP SINHA, IAS
Special Chief Secretary to Government of Punjab
Department of Finance