Shimla, Jul 26 (PTI) Reeling under an acute financial crunch, the Himachal Pradesh government has notified Government Stock (securities) of a 22-year tenure to raise Rs 1,000 crore, and the proceeds would be utilised for development programmes, officials said on Saturday.

The auction will be conducted by the Reserve Bank of India, at its Mumbai Office, on July 29, 2025.

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Bids for the auction would be submitted in electronic format, on E-Kuber Core Banking Solution of the RBI, and the consent of the central government has been obtained for floating the loan as required by Article 293(3) of the Constitution.

As per the notification, the securities will be of 22-year tenure commencing on July 30, 2025, and the loan will be repaid at par on July 30, 2047, and the interest will be paid on a half-yearly basis on January 30 and July 30 every year.

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The competitive bids will be submitted electronically on the Reserve Bank of India Core Banking Solution (E-Kuber) system, while the non-competitive bids will also be submitted electronically on the E-Kuber system.

The result of the auction will be displayed by the RBI on its website on the same day, and the payment by successful bidders will be made on July 30, 2025, before the close of banking hours.

The state government had been procuring loans through the sale of government securities in the past, and such loans were procured in 2020, 2023, 2024 and now in 2025 also.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)