Private placement of special securities under UDAY by Bihar government

The Bihar government has privately placed securities to the tune of Rs 7.77 billion under the Ujwal Discom Assurance Yojana (UDAY). RBI had invited bids from eligible participants for subscribing to the securities on September 2, 2016. The securities, with a face value of Rs 100, will be issued in equal strips with maturity at the end of 6-15 years. The securities carry a base rate corresponding to the Fixed Income Money Market and Derivatives Association of India’s G-sec yield at the close of September 2, 2016. The minimum size of the bid is set at Rs 1 billion.