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Govt won’t give SLR status to power distributors’ bonds

Reports earlier in the day cited power minister as saying that these bonds will get SLR status
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First Published: Tue, Sep 25 2012. 01 00 PM IST
Power distributors had accumulated losses of `2.46 trillion up to the end of the fiscal ending March, power minister Veerappa Moily said. Photo: Ramesh Pathania/Mint
Power distributors had accumulated losses of Rs.2.46 trillion up to the end of the fiscal ending March, power minister Veerappa Moily said. Photo: Ramesh Pathania/Mint
Updated: Tue, Sep 25 2012. 02 14 PM IST
New Delhi: The government will not offer statutory liquidity ratio (SLR) status to restructured power distributors’ bonds, power secretary P. Uma Shankar said on Tuesday.
There were media reports earlier in the day, citing power minister Veerappa Moily, that these bonds will get SLR status.
The 10-year benchmark bond recovered 1 basis point to trade at 8.16% on the day.
Indian power distributors had accumulated losses of Rs.2.46 trillion up to the end of the fiscal year ending March 2012, Moily said.
Moily was speaking a day after the government approved a bailout package for the distributors, driven into debt by years of populist policies, corruption and mismanagement. Reuters
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First Published: Tue, Sep 25 2012. 01 00 PM IST
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