Rs 14,000-cr bonds to be issued under UDAY scheme – Tamilnadu

UDAY scheme:- Good news as Tamilnadu state government is also working under UDAY (Ujjwal Discom Assurance Yojna ) Tamil Nadu government will issue on Monday bonds worth Rs 14,000 crore under UDAY. Sources are saying that a bailout plan chalked out for the loss-making power distribution companies. The government of India has brought the Ujwal DISCOM Assurance Yojana (UDAY) to the financial improvement and change for electricity distribution companies of India (DISCOMs) to permanently solve the financial disorder in power distribution.

Under the bond Tamil Nadu government proposes to issue special securities of Rs 14,000 crore, under the Ujjwal Discom Assurance Yojna Scheme (UDAY),- According To Reserve Bank Of India To participate for them to subscribe for their special bonds the following timeline have been given.

Also according to Reserve Bank of India – “Allotment of securities and settlement will take place on February 22, 2017.”

There are also some special terms and conditions for UDAY scheme such as

  • Rs 100 crore will be minimum bid size, the interest on bonds will be given as at the close of February 17.
  • Rajasthan government has issued bonds worth Rs 1,564 crore under UDAY in this month.  It will have full authority to accept or reject any/all bids.

States under UDAY Scheme – There are total eight states under this schemes such as Uttar Pradesh, Rajasthan, Chhattisgarh, Punjab, Jammu and Kashmir, Bihar, Jharkhand, Haryana. The total bond issued by the eight states is worth Rs 98,959.97 crore in 2015-16 under the UDAY

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