TN govt to auction Rs 1,000 crore worth securities

TN govt to auction Rs 1,000 crore worth securities

Government of Tamil Nadu has announced the sale of 10 year securities in the form of Stock to the Public by auction for an aggregate amount of Rs 1,000 crore.

This has been revealed by additional chief secretary to the Tamil Nadu government, finance department, K Shanmugam, in a statement to the media.

“The auction will be conducted by the Reserve Bank of India at its Mumbai Office, Fort, Mumbai, on October 10, 2016,” the top official said.

He added that competitive bids between 10.30 A.M. and 12.00 P.M. and non-competitive bids between 10.30 A.M. and 11.30 A.M. shall be submitted electronically.

He said further that the bids will be submitted electronically on the Reserve Bank of India Core Banking Solution (E-Kuber) System on October 10, 2016.

In the past too, the Tamil Nadu government had conducted similar exercises, it may be recalled.

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