The Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of ₹ 3,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock 2026” 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  Rs. 2,000 crore (nominal) through price based auction,  and (iv) “8.17 per cent Government Stock 2044” 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, Mumbai Office, Fort, Mumbai on May 13, 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 Core Banking Solution (E-Kuber) system on May 13, 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 May 13, 2016 and payment by successful bidders will be May 16, 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 vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

Auction of Government Securities re-issue via price-based multiple-price auction with non-competitive quota and electronic bids. Price-based auctions of four re-issued Government Stocks will be conducted by the Reserve Bank of India using the multiple price method; up to 5% of each notified amount is reserved for eligible participants under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on E-Kuber within prescribed windows on the auction day; results are announced the same day and settlement follows on the designated payment date. The stocks qualify for When Issued trading per Reserve Bank guidelines.