| TAMIL NADU GOVERNMENT GAZETTE PUBLISHED BY AUTHORITY EXTRAORDINARY | ||
No. 623] CHENNAI, THURSDAY, DECEMBER 30, 2021 Margazhi 15, Pilava, Thiruvalluvar Aandu-2052
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, December 30, 2021.
No. II(1)/FIN/29(c)/2021.
The following Notifi cation is published:—
NOTIFICATION
[No. 578(L)/W&M-II/2021]
Government of Tamil Nadu hereby notifi es the sale of Re-issue of 6.92% Tamil Nadu State Development Loan 2046 issued on December 01, 2021 for an aggregate amount of Rs.1000 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 floatation 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 Notifi cation No.404(L)/W&M- II/2019, dated March 13, 2019 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
2 TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARYPlace 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 January 04, 2022. 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 January 04, 2022.
(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 January 05, 2022.
Method of Payment
6. Successful bidders will make payments on January 05, 2022 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 25 year tenure from the date of commencement on December 01, 2021.
Date of Repayment
8. The loan will be repaid at par on December 01, 2046.
Rate of Interest
9. Interest at the rate of 6.92% 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 June 01 and December 01.
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)
N. MURUGANANDAM, Additional Chief Secretary to Government of Tamil Nadu,