Government of India have announced the Sale (re-issue) of (i) “7.35 per cent Government Stock 2024” for a notified amount of  ₹ 2,000 crore (nominal) through price based auction, (ii)“7.88 per cent Government Stock 2030” for a notified amount of ₹ 6,000 crore (nominal) through price based auction,  (iii) “7.95 per cent Government Stock  2032” for a notified amount of ₹ 3,000 crore (nominal) through price based auction,  and (iv) “8.17 per cent Government Stock 2044” for a notified amount of ₹ 3,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on July 24, 2015 (Friday).  

Up to 5% 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 July 24, 2015. 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 auctions will be announced on July 24, 2015 and payment by successful bidders will be on July 27, 2015 (Monday).     

The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

Government securities auction offering re-issues via price-based multiple-price auction with non-competitive electronic bids and scheduled settlement. Announcement of re-issue auctions for multiple Government Stocks through a price-based multiple-price auction conducted by the Reserve Bank of India, with specified notified nominal amounts, auction and payment dates, and eligibility for When Issued trading. Both competitive and non-competitive bids must be submitted electronically on the RBI Core Banking Solution (E-Kuber) within prescribed time windows on the auction day. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the Scheme for Non-Competitive Bidding Facility, and the announcement sets the timetable for result declaration and settlement.