The Reserve Bank of India (RBI) has announced the auction of 11 state government bonds worth Rs 84.16 billion on April 22.

The state government stock up to 10% of the notified amount of the sale of each of the stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the scheme for non-competitive bidding facility.

The state government stocks will bear interest at the rates determined by RBI at the auctions. Interest will be paid half yearly on October 23 and April 23 of each year till maturity. The stocks will be governed by the provisions of the government securities act, 2006 and government securities regulations, 2007.