Press Information Bureau

Government of India

Ministry of Finance

05-February-2016 19:26 IST

The Government of India has announced the repurchase of “1.44 per cent Inflation Indexed Government Stock-2023” through reverse auction for an aggregate amount of ₹ 6,500 crore (face value).

The repurchase by the Government of India will be undertaken to redeem the Government Stocks prematurely by utilizing surplus cash balances. The above repurchase of the Government Stocks is purely ad hoc in nature.

Auction for securities will be on price based auction format. The auctions will be conducted using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 11, 2016 (Thursday) between 10.30 a.m. and 12.00 noon. The result of the auctions will be announced on the same day.

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DSM/MAM/KA

Buyback of inflation-indexed bonds via reverse auction requires price-based multiple bidding and electronic bid submission. Repurchase of inflation-indexed government stock is to be undertaken through a reverse auction for premature redemption by utilising surplus cash balances; the operation is ad hoc. The auction will be price-based using the multiple price method, with bids required to be submitted electronically via the Reserve Bank of India Core Banking Solution (E-Kuber) within the prescribed bidding window and results announced the same day.