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Govt to auction Rs 10K bonds on Oct 31

This article was posted on Oct 24, 2008 and is filed under Market Outlook

MUMBAI: India will auction bonds worth 100 billion rupees ($2 billion) on Oct. 31, the finance ministry said in a statement after market hours on Friday. The central bank will auction 60 billion rupees of a new six-year bond and 40 billion rupees of the 7.95.. percent bonds maturing in 2032. The auction will be conducted using the multiple price method, the statement said. The auction had originally been scheduled for Oct. 13, but was delayed due to tight cash conditions in Indian markets.

It was delayed for a second time after the central bank unexpectedly cut its key lending rate by 100 basis points on Monday.

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