India cbank sets rate of interest on 2012 FRB

MUMBAI, Nov 6 - India's central bank said on Friday it had set a rate of interest of 4.63 percent per annum on the floating rate bonds due 2012, with a validity between Nov. 10, 2009 to Nov 9, 2010.

The spread decided in the auction of this bond held on Nov. 7, 2003 was 0.09 percent and coupon has been fixed accordingly, the central bank said.

The variable base rate for payment of interest is the average rate of the implicit yields at cut-off prices of the three 364-day treasury bill auctions, immediately preceding the relative annual coupon reset date, the central bank said.