Uttar Pradesh to raise Rs 1,000 crore through sell of securities

Uttar Pradesh Government will raise Rs 1,000 crore through market borrowings through securities which will have tenure of ten years. The entire transaction would be done by the Reserve Bank of India . Uttar Pradesh has offered to sell by way of auction 10-year dated securities for a notified amount of Rs 1000 crore (face value). The auction will be conducted on the Reserve Bank of India Core banking Solution (E-Kuber) system on September 08, 2015 (Tuesday) along with other 11 State government securities, the RBI said in a release. With this, the aggregate amount for 12 states will be Rs 10,650 crore. The Government stock up to 10 per cent of the notified amount will be allotted to eligible individuals and institutions subject to a maximum limit of one per cent.