UDAY bonds: RBI no­ti­fies pri­vate place­ment

The Financial Express - - FRONT PAGE - Fe Bureau

THE Re­serve Bank of In­dia (RBI) on Mon­day asked mar­ket par­tic­i­pants in­ter­ested in sub­scrib­ing to the spe­cial se­cu­ri­ties un­der Ujwal Dis­com As­sur­ance Yojna (UDAY) scheme via pri­vate place­ments to ap­proach its in­ter­nal debt man­age­ment depart­ment, re­ports fe Bureau in Mum­bai. “The spe­cial se­cu­ri­ties un­der UDAY are be­ing is­sued by state gov­ern­ments of Bi­har, Haryana, Jammu & Kash­mir, Jhark­hand, Pun­jab and Ra­jasthan,” it added in a press re­lease.

Mum­bai, March 28: The Re­serve Bank of In­dia (RBI) on Mon­day has asked mar­ket par­tic­i­pants in­ter­ested in sub­scrib­ing to the spe­cial se­cu­ri­ties un­der Ujwal Dis­com As­sur­ance Yojna (UDAY) scheme via the pri­vate place­ment route to ap­proach its in­ter nal debt man­age­ment depart­ment.

The cen­tral bank in­di­cated that in­ter­ested par­tici- pants should ap­proach the RBI by March 30. "The spe­cial se­cu­ri­ties un­der UDAY are be­ing is­sued by state gov­ern­ments of Bi­har, Haryana, Jammu & Kash­mir, Jhark­hand, Pun­jab and Ra­jasthan," it added in the press re­lease.

The ten­ure and pric­ing of the bonds will be in ac­cor­dance with the UDAY scheme no­ti­fi­ca­tion, the re­lease added. The UDAY scheme en­vis­ages 75% of the debt of dis­coms, as on Septem­ber 30, be­ing taken over by state gov­ern­ments and con­verted into bonds with a ma­tu­rity of be­tween 10-15 years.

The cen­tral bank in­di­cated that in­ter­ested par­tic­i­pants should ap­proach the RBI by March 30

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