The Government of India have announced the Sale (re-issue) of (i) “7.80 per cent Government Stock 2021” for a notified amount of ₹ 3,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock 2029” for a notified amount of ₹ 8,000 crore (nominal) through price based auction, (iii) “7.50 per cent Government Stock 2034” for a notified amount of ₹ 2,000 crore (nominal) through price based auction, and (iv) “7.72 per cent Government Stock 2055” for a notified amount of ₹ 2,000 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 (RBI), Mumbai Office, Fort, Mumbai on April 29, 2016 (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 (RBI) Core Banking Solution (E-Kuber) system on April 29, 2016. 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 April 29, 2016 and payment by successful bidders will be May 2, 2016 (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 (RBI) vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

Government securities auction uses price-based multiple method; includes non-competitive facility and electronic bidding with reservation. Sale (re-issue) of multiple Central Government stocks will be conducted by the central bank in Mumbai via price based auctions using the multiple price method on the scheduled auction date. Both competitive and non competitive bids must be submitted electronically on the central bank's Core Banking Solution (E Kuber) within prescribed submission windows. Up to five percent of each notified amount is reserved under the Non-Competitive Bidding Facility for eligible individuals and institutions, and the re issued stocks are eligible for 'When Issued' trading under existing guidelines.