"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.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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