Maharashtra Government proposes to issue Special Securities of a notified amount of ₹ 4959.75 crore, under the Ujjwal Discom Assurance Yojna Scheme (UDAY). Eligible market participants interested in subscribing to these Special Securities are advised to email their bids as per the format given below between 10.30 am to 12.00 noon on February 09, 2017 (Thursday).

Allotment of securities and settlement will take place on February 10, 2017 (Friday). The terms and conditions of the issuance are as under:

1. The Special Security will have a face value of ₹ 100.

2. The tenure of the issued security will be of 5 year.

3. Minimum size of bid will be ₹ 100 crore.

4. Base rate will be the yield on 5 year FIMMDA Government of India G-sec yield as at close of February 8, 2017.

5. The uniform spread (with a cap of 75 bps over 5 year GoI FIMMDA yield) offered by the bidder will be added to the base rate to arrive at the coupon to be paid on semiannual basis.

6. The Reserve Bank of India will have the discretion to accept or reject any/all bids at its sole discretion.

It may be recalled that the Ministry of Power, Government of India on November 20, 2015 issued an Office Memorandum (No 06/02/2015-NEF/FRP) on “UDAY (Ujjwal Discom Assurance Yojna) Scheme for Operational and Financial Turnaround of Power Distribution Companies (DISCOMs)”.

Ajit Prasad
Assistant Adviser

Press Release : 2016-2017/2110