The Punjab government in consultation with Reserve Bank of India (RBI) on Friday floated Rs 500 crore loan to finance part of Capital Expenditure of Plan Schemes and other development schemes under execution.
According to an official spokesman, the state government on Friday notified the sale of Punjab Government Stock (Securities) of 10-year tenure, for a aggregate amount of Rs 500 crore (Nominal). The spokesman said consent of central government has already been obtained to the floatation of
this loan.
The spokesman said the government stock would be sold through RBI Mumbai by auction that would be conducted by them in his Mumbai office on September 25, 2008.
The spokesman added that this 10-year tenure loan would be repaid at par on September 26, 2018.