| TAMIL NADU GOVERNMENT GAZETTE PUBLISHED BY AUTHORITY EXTRAORDINARY | ||
No. 90] CHENNAI, FRIDAY, MARCH 9, 2018 Maasi 25, Hevilambi, Thiruvalluvar Aandu-2049
Part II—Section 1
Notifications or Orders of specific character or of particular interest to the public
issued by Secretariat Departments.
NOTIFICATIONS BY GOVERNMENT
FINANCE DEPARTMENT
MARKET BORROWING PROGRAMME OF STATE GOVERNMENT BY AUCTION
Secretariat, March 9, 2018.
No. II(1)/FIN/7(d)/2018.
The following Notifi cation is published:—
NOTIFICATION
[No.359(L)/W&M-II/2018]
Government of Tamil Nadu hereby notifies the sale of Tamil Nadu Government Stock (Securities) of Ten year tenure for an aggregate amount of Rs.1000.00 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 specifi ed in the General Notifi cation No.170(L)/W&M-II/2007, dated 19th July 2007 of Government of Tamil Nadu.
Object of the Loan:
1. (i) To Finance Part of Capital expenditure of Plan Schemes and other Development Schemes under execution.
(ii) Consent of Central Government has been obtained to the fl oatation of this loan as required by Article 293(3) of the Constitution of India.
Method of Issue:
2 TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARYAllotment to Non-competitive Bidders:
3. The Government Stock up to 10% of the notifi ed amount of the sale will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of the notifi ed 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 Notifi cation (Annexure II).
Place and Date of Auction:
4. The auction will be conducted by the Reserve Bank of India, at its Mumbai Offi ce, Fort, Mumbai-400 001 on March 13, 2018. 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 13, 2018.
(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 March 14, 2018.
Method of Payment:
6. Successful bidders will make payments on March 14, 2018 before close of banking hours by means of cash, bankers' cheque/pay order, demand draft payable at Reserve Bank of India, Mumbai/Chennai or a cheque drawn on their account with Reserve Bank of India, Mumbai (Fort)/Chennai.
Tenure:
7. The Stock will be of 10 year tenure. The tenure of the stock will commence on March 14, 2018.
Date of Repayment:
8. The loan will be repaid at par on March 14, 2028.
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 September 14 and March 14.
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 Tamil Nadu)