The Hindu : States to tap market for Rs. 14,151 cr.

Online edition of India's National Newspaper
Thursday, Feb 20, 2003

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States to tap market for Rs. 14,151 cr.

MUMBAI FEB. 19. The Reserve Bank of India today announced that various States will raise a total of Rs. 14,151 crores during this month and March through a tap issue. The amount includes normal additional market borrowings by some States totalling Rs. 3,657 crores, fresh borrowings of Rs. 10,000 crores by several others under the Debt Swap Scheme, and the balance Rs. 494 crores from the allocations already approved by the Centre for the current financial year for some States.

While the first tranche of Rs. 7,325 crores will be raised shortly through a tap issue, the balance amount will be raised in March, an RBI release issued here.

Six States — Assam, Orissa, Rajasthan, Sikkim, Tamil Nadu and West Bengal — will raise normal additional market borrowing totalling Rs. 3,657 crores, while other States, excluding Maharasthra and Sikkim, will raise fresh borrowings of Rs. 10,000 crore under the Debt Swap Scheme.

Andhra Pradesh and Chhattisgarh will raise Rs. 494 crores, which is the balance amount out of the allocations already approved by the Centre for these States for the current fiscal, the release added. — UNI

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