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Punjab floats Rs 500 cr loan for development projects

The Punjab government Monday floated Rs 500 crore (nominal) loan to finance partly capital expenditure of Plan schemes and other development schemes under execution.



Chandigarh: The Punjab government Monday floated Rs 500 crore (nominal) loan to finance partly capital expenditure of Plan schemes and other development schemes
under execution.

The state government notified the sale of Punjab Government Stock (Securities) of 10 year tenure for a aggregate amount of Rs 500 crore (Nominal), an official
spokesperson said here.

The spokesperson said that consent of the Centre has already been obtained to the flotation of this loan.
The government stock would be sold through the Reserve Bank by auction that would be conducted by them in Mumbai office on August 3, 2010.

The spokesperson added that the 10 year tenure loan would be repaid at par on August 4, 2020.
He said that interest will be paid every half yearly on February 4 and August 4 and cut off yield determined at the auction would be the coupon rate per cent per annum of the
stock sold at the auction.

Bureau Report

From Zee News

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