| TAMIL NADU GOVERNMENT GAZETTE PUBLISHED BY AUTHORITY EXTRAORDINARY | ||
No. 204] CHENNAI, FRIDAY, MAY 10, 2019 Chithirai 27, Vikari, Thiruvalluvar Aandu-2050
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, May 10, 2019.
No. II(1)/FIN/8(a)/2019.
The following Notifi cation is published:—
NOTIFICATION
[No.409(L)/W&M-II/2019]
Government of Tamil Nadu hereby notifi es the sale of (Re-issue) 8.06% Tamil Nadu State Development Loan 2028 issue on May 08, 2019 for an aggregate amount of Rs.1000.00 Crore (Nominal). The sale will be subject to the terms and conditions spelt out in this notifi cation (called Specifi c Notifi cation) as also the terms and conditions specifi ed in the General Notifi cation No.404 (L)/W&M-II/2019, dated 13th March 2019 of Government of Tamil Nadu.
Object of the Loan:
1. (i) To Finance Part of Capital expenditure 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. The 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.404 (L)/W&M-II/2019, dated 13th March 2019 at a coupon rate to be determined by the Reserve Bank of India at the price based auction under multiple price auction method.
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 May 14, 2019. 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 May 14, 2019.
(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 May 15, 2019.
Method of Payment:
6. Successful bidders will make payments on May 15, 2019. 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 09 year tenure from the date of commencement i.e. May 08 2019.
Date of Repayment:
8. The loan will be repaid at par on May 08, 2028.
Rate of Interest:
9. Interest at the rate of 8.06% 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 November 08 and May 08.
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)
K. SHANMUGAM,