The Punjab Government abreast with the Reserve Bank of India in order to raise part of the borrowings through auction system has planned to float a state loan of Rs. 456.101 crore.
A spokesman of the government on Tuesday unveiled this. He said that the consent of the Central Government has been obtained to the floatation of this loan required under Article 293 (3) of the constitution of India.
The stocks will be of 10 years tenure and the tenure of the stock would start on January 25, 2008. He added the loan would be repaid at par on January 25, 2018. However, the interest would be paid every half yearly on July 25 and January 25.
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