Mumbai: The Reserve Bank of India (RBI) will auction a Rs1,000-crore 10-year loan on September 20, a spokesman of the state government''s finance department said.

The stock would be sold through RBI, Mumbai office (PDO) Fort, Mumbai by auction at a coupon rate to be determined by the RBI at the yield auction under multiple price format and interest would be paid half yearly on every March 21 and September 21, he said.

The application form duly filled in with the bids could be submitted to the aforesaid RBI office on September 20, 2007 and the payment by the successful bidders would be on September 21, 2007.

This stock would be issued for a minimum amount of Rs10,000 (face value) and in multiples thereof.