Goa to borrow Rs 200 Cr by selling stocks

GOANEWS DESK, PANAJI | 01 March 2013 20:44 IST

Goa government has decided to borrow Rs 200 crore by selling its stocks at the rate of Rs 10,000 each.

The auction will be conducted by the Reserve Bank of India on 5 March in Mumbai.

Mining crisis has compelled Goa government to try and raise revenue through all the possible sources.

As a part of its regular borrowing system, Goa government has now decided to sell its stocks worth Rs 200 crore.

The competitive bids shall be submitted electronically on the Reserve Bank of India Core Banking Solution (E – Kuber) system between 10.30 am till 12 noon on 5 March.

The payments of these bids will have to be made on 6 March.

The loan would be repaid in 2023, after 10 years, on 6 March.

Interest on loan would be paid twice a year, on 6 September and 6 March. 

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