Monday, November 29, 1999

Govt to buy back 100 bln rupees of bonds on June 18

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The government plans to buy back 100 billion rupees ($2.1 billion) of bonds via a multiple price auction on June 18, the Reserve Bank of India (RBI) said in a statement after market hours on Wednesday.This is a part of the government's plan to buy back up to a nominal amount of 200 billion rupees in one or more tranches, it added.It will buy back the 12.25 percent bonds maturing in 2010, 11.30 percent 2010 and the 6.57 percent 2011 bonds, RBI said.The buyback is "purely of ad-hoc nature and will be funded through the current surplus cash balances of the government," the RBI said in a statement.An expected outflow of over 1.36 trillion rupees between late May and June towards third generation (3G) and broadband spectrum auction payments and advance taxes has squeezed liquidity with banks and sent pushed up overnight cash rates. ($1=46.6 rupees)(Reporting by Anurag Joshi; Editing by Unnikrishnan Nair)
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