Government of India have announced the Sale (re-issue/issue) of (i) “7.68 per cent Government Stock 2023” 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 ₹ 7,000 crore (nominal) through price based auction, (iii) “7.73 per cent Government Stock  2034” for a notified amount of ₹ 3,000 crore (nominal) through price based auction, (iv) “8.17 per cent Government Stock 2044” for a notified amount of ₹ 2,000 crore (nominal) through price based auction (v) “New 40 year Government Stock ” for a notified amount of ₹ 1,000 crore (nominal) through yield 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 October 23, 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 October 23, 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 October 23, 2015 and payment by successful bidders will be October 26, 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 opens for multiple maturities using price and yield methods; non-competitive quota and specified bid windows. Sale of multiple central government securities announced for a specified date using price-based multiple price auctions and a yield-based auction for the long-dated stock. Up to 5% of each notified amount is reserved for eligible individuals and institutions under a non-competitive bidding facility. Competitive and non-competitive electronic bids must be submitted via the designated core banking system within prescribed time windows. Auction results will be announced on the auction date and payment by successful bidders is due on the specified settlement date. Stocks are eligible for When Issued trading under central bank guidelines.