Puducherry, Jan 19 (PTI) Puducherry government today announced sale of ten-year securities in the form of stock to the public by auction for an aggregate amount of Rs 100 crore. Also Read - Mumbai Rains LIVE Updates: City Receives 230 mm Rainfall in 10 Hours; Offices Shut, Road And Rail Traffic Hit

A release from Puducherry Finance Secretary V Candavelou said the auction would be conducted by Reserve Bank of India (RBI) at Fort Mumbai on January 23. Also Read - Mumbai-Born Dimpy Bhalotia Wins Photographer of the Year at the 2020 iPhone Photography Awards For 'Flying Boys'

The release said that the securities would be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter. Also Read - International Flights: Etihad Airways to Operate Special Flights to Bengaluru, Chennai, Kochi, Delhi, Hyderabad, Mumbai From Today | Check Details Here

Auction would be conducted by RBI Mumbai Office (Fort) on January 23.

Interested persons, firms, companies, corporate bodies, institutions, Provident Fund, Trusts, Regional Rural Banks and Cooperative Banks may submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the RBI Core Banking Solution (E-Kuber) available in the website www.rbi.org.in on January 23 between 10.30 a.m. and 11.30 a. m.

The competitive bids should be submitted electronically on the RBI Core Banking Solution (E-Kuber) between 10.30 a.m.

and 12 p.m. on the same day.

The result of auction would be displayed by RBI Fort Mumbai on January 23 on its above website.

Successful bidders should deposit the price amount of the stock covered by their bids by means of a banker’s cheque or Demand Draft payable at RBI Mumbai Fort or Chennai on January 24 before the close of banking hours, the release said.

The release also stated that the government stock would bear interest at the rate determined by RBI at the auction.

Interest would be paid on July 24 and January 24 of every financial year until repayment.

The stocks will qualify for ‘ready forward facility,’ the release said.

This is published unedited from the PTI feed.