Reserve bank has said Haryana will vicinity special securities really worth Rs 775 crore the next day, beneath the discoms’ economic restructuring scheme, UDAY.
“Haryana authorities proposes to problem unique securities of a notified amount of Rs 775 crore, beneath the Ujjwal Discom assurance Yojna Scheme (UDAY)”, RBI said in a launch.
RBI has invited bids from eligible participants who are inquisitive about subscribing to the bonds. The bids have to reach RBI among 1030 hrs to 1200 hrs on July 1, RBI stated.
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Allotment of securities and agreement will take vicinity on July four. The unique securities may have a face fee of Rs one hundred and the minimum length of bid can be Rs one hundred crore, RBI stated.
The securities are to be issued in same strips with a maturity on the end of sixth, seventh, 8th, ninth and tenth yr. “An investor might be required to purchase entire structure and the bid quantity may be uniformly distributed across all tenors,” RBI said.
The strength Ministry in November had issued a memorandum on UDAY scheme for operational and economic turnaround of electricity Distribution agencies (discom).
below UDAY, the vital authorities has allowed states, which very own discoms, to take over 75 per cent of their debt as of September 30 and pay again creditors via selling bonds.
For the remaining 25 according to cent, discoms will trouble bonds. The scheme is non-obligatory and can be operationalised through signing of an MoU.