Bengal to sell securities worth Rs 1,500 cr for development
Kolkata: The West Bengal government on Friday said it would sell the 15 year tenure securities for an aggregate amount of Rs 1,500 crore in order to meet the development expenditure.
"Government of West Bengal hereby notifies the sale of West Bengal government stock (securities) of 15 year tenure for an aggregate amount of Rs 1,500 crore....the proceeds of the loan will be utilised towards meeting the requirement for developmental expenditure of the state," a government notification said.
The government stock will be sold through the Reserve Bank of India by auction and the consent of the Central government has been obtained to the floatation of this loan, it added.
The auction will be conducted on November 28 and the successful bidders are required to make payments on November 29.
"The cut-off yield determined at the auction will be the coupon rate per cent per annum on the stock sold at the auction. The interest will be paid on May 29 and November 29," it added.
The loan will be repaid at par on November 29, 2032.