The Government of Tamil Nadu is all set to sell 10-year securities via auction for an aggregate amount of Rs.1200 crores.

According to a press release, the auction would be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 10. The securities will be auctioned to the public in the form of stocks. While the competitive bids should be submitted between 10.30 am and 12.00 pm, the non-competitive bids should be submitted between 10.30 am and 11.30 am. All bids should be submitted electronically.

Allocation of the stocks will be subject to the provisions of the Government Securities Act, 2006 and the Government Securities Regulation, 2007. Investment in state government stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulations Act, 1949.