Telangana, Madhya Pradesh and Tamil Nadu will issue UDAY bonds on a private placement basis to raise a total of Rs 18,107.93 crore. The scheme was put in place by the government to bail out the losing power companies.
Telangana, Madhya Pradesh and Tamil Nadu will issue UDAY bonds on a private placement basis to raise a total worth of Rs 18,107.93 crore.
Break-up wise, Tamil Nadu will offer securities worth Rs 8,815 crore under the Ujjwal Discom Insurance Yojana (UDAY) regime; Madhya Pradesh Rs 7,360 crore and Telangana Rs 1,932.93 crore.
Eligible market participants must place their bids between 10:30 am and 12:00 pm on March 21, the Reserve said in a statement. The titles will be awarded on 22 March.
A participant will have to place the minimum bid of Rs 100 crore, RBI said. The RBI reserves the right to accept or reject any offer / price at its sole discretion.
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Power Ministry in November 2015 issued a memorandum on UDAY for the operational and financial recovery of the energy distribution companies (discoms).