The Government of India has announced the sale (re-issue) of “1.44% Inflation Indexed Government Stock-2023” for a notified amount of Rs. 1,000 crore (nominal) through price based auction. The auction will be conducted using uniform price method. The auction will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on September 24, 2013 (Tuesday).

Up to 20% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 24, 2013. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.  

The result of the auction will be announced on September 24, 2013 and payment by successful bidders will be on September 25, 2013 (Wednesday).

The sale (re-issue) of “1.44% Inflation Indexed Government Stock-2023” for a notified amount of Rs. 1,000 crore would be issued within the budgeted Government market borrowing programme (about Rs.5,79,000 crore) for 2013-14 and indicative calendar for the marketable dated securities for the first half of 2013-14.  

Government securities auction using uniform price method permits competitive and reserved non-competitive bids for inflation-indexed stock. Sale (re-issue) of 1.44% Inflation Indexed Government Stock, 2023 is announced as a price-based auction for a notified amount of Rs. 1,000 crore under the uniform price method; both competitive and non-competitive electronic bids via the Reserve Bank of India Core Banking Solution (E Kuber) are required, with up to 20% reserved for eligible individuals and institutions under the Scheme for Non-Competitive Bidding Facility.