| States mobilised Rs 29,724.99 crore in the latest State Development Loan auction held on 2 December 2025, with most borrowers fully accepting their planned amounts across a mix of new issuances and re-issues. The Reserve Bank of India conducted the yield and price-based auction, which saw Andhra Pradesh, Madhya Pradesh, Maharashtra, Tamil Nadu and Telangana emerge as the most active participants across multiple maturities.
Andhra Pradesh raised a total of Rs 3,000 crore through three tranches at yields ranging from 7.35% to 7.59% for 11- to 19-year tenors. Bihar accepted only Rs 909.97 crore of its 10-year offering at 7.40%, while Gujarat secured Rs 1,000 crore at 7.17% for a 9-year term. Himachal Pradesh cleared its Rs 350-crore 4-year security at 6.75%, the lowest yield of the auction, and Madhya Pradesh mobilised Rs 3,000 crore across 8-, 13- and 23-year bonds at yields up to 7.54%.
Maharashtra raised Rs 3,000 crore, including a re-issue of its 6.74% 2029 bond at a cut-off price of 100.51 and a yield of 6.5809%. Tamil Nadu tapped the market for Rs 4,000 crore through tenors ranging from 7 to 30 years, while Telangana collected Rs 6,000 crore across four maturities at yields between 7.49% and 7.68%.
Uttar Pradesh borrowed Rs 3,000 crore through two fully accepted tranches, raising Rs 1,500 crore at a 7.36% yield for an 11-year tenor and another Rs 1,500 crore at a 7.51% yield for a 15-year maturity.
West Bengal accepted Rs 965.02 crore of its 12-year security at a 7.50% yield along with a full Rs 2,000 crore through a 17-year paper at a 7.56% yield. In total, states accepted Rs 29,724.99 crore against the notified Rs 31,350 crore, with partial allotments in Bihar and West Bengal.
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