Puducherry set to raise ₹200 crore more through sale of dated securities
The Hindu
Puducherry govt to raise ₹200 crore from open market to meet financial commitments for 2023-24. Auction to be conducted by RBI on Jan 9.
The Puducherry government is set to raise ₹200 crore more from the open market to meet financial commitments arising out of the revenue shortfall for the current fiscal.
In a press communique, Commissioner-cum-Secretary to Government (Finance) Ashish Madhaorao More said the government has decided to sell 12-year dated securities in the form of stock to the public by auction of an aggregate amount of ₹200 crore. The auction will be conducted by the Reserve Bank of India at Fort, Mumbai, on January 9.
To meet its budget outlay of ₹11,600 crore for 2023-24, the government had got approval from the Union Ministry of Home Affairs to raise around ₹1,707 crore through Open Market Borrowings and financial institutions. Of the total ₹ 1,707 crore, the government intended to raise around ₹ 1,400 crore by auction of dated securities through RBI alone.
“After passing the Budget, the government had already obtained ₹600 crore through auction. With the sale of securities on January 9, we will be raising around 800 crore this fiscal so far. In the next three months, the remaining sanctioned amount will be obtained through open market borrowing to address revenue shortfall,” said an official in the Finance Department.
Interested firms, companies, corporate bodies, institutions, Provident Fund Trusts, Regional Rural Banks, Co-operative Banks could submit a single consolidated non-competitive bid on behalf in electronic format on the RBI Core Banking Solution (E-Kuber) available on the website www.rbi.org.in from 10.30 a.m. to 11 a.m. on January 9, the communiqué from the Finance Secretary said.
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