| TAMIL NADU GOVERNMENT GAZETTE PUBLISHED BY AUTHORITY EXTRAORDINARY | ||
No. 2] CHENNAI, FRIDAY, JANUARY 3, 2025 Margazhi 19, Kurothi, Thiruvalluvar Aandu-2055
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, January 3, 2025.
No. II(1)/FIN/2(a)/2025.
The following Notification is published:—
NOTIFICATION
[No.767(L)/W&M-II/2025]
Government of Tamil Nadu hereby notifies the sale of Tamil Nadu Government Stock (Securities) of 30-year tenure for an aggregate amount of Rs.2000 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.644(L)/W&M-II/2023, dated February 22, 2023 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 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 Notification No.644(L)/W&M-II/2023, dated February 22, 2023 at a coupon rate to be determined by the Reserve Bank of India at the yield-based auction under multiple price formats.
2 TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARYAllotment 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 Facility in 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 on January 07, 2025. 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 07, 2025.
(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 07, 2025.
Method of Payment:
6. Successful bidders will make payments on January 08,2025 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 30-year tenure. The tenure of the stock will commence on January 08, 2025.
Date of Repayment:
8. The loan will be repaid at par on January 08, 2055.
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 July 08 and January 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)
T. UDHAYACHANDRAN,