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Kerala to mobilise Rs 1000 Cr for developmental activities

Posted on Nov 19, 09:39PM | UNI

The Kerala Government will mobilise Rs 1000 crore loan from the market through the sale of government stock of ten-year tenure for financing the developmental activities of the state.

Official sources said here today that the government stock would be sold through the Reserve Bank of India (RBI), Mumbai office, by auction tomorrow at a coupon rate to be determined by the RBI at the yield based auction under multiple price format.

A government notification in this regard said the stock up to ten per cent of the notified amount of the sale would be allotted to eligible individuals and institutions subject to a maximum limit of one per cent of the notified amount for a single bid. The bids for the auction could be submitted in electronic format on the RBI core banking solution (E-Kuber) system.

It said the loan would be repaid on November 21, 2022.