Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of ₹ 2,000 crore (nominal) through price based auction, (ii) “7.59 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 ₹ 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, Mumbai Office, Fort, Mumbai on August 26, 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 August 26, 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 August 26, 2016 and payment by successful bidders will be August 29, 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.

Government securities auction: re-issue by price-based multiple-price method with non-competitive bidding and electronic e-kuber submission. Re-issue auctions of Government stocks will be conducted by the Reserve Bank of India using a price-based, multiple-price method with competitive and non-competitive electronic bids submitted on the E-Kuber system. Non-competitive bids are eligible for allocation up to a specified small percentage under the Non-Competitive Bidding Facility, with separate submission windows for non-competitive and competitive bids. Auction results will be announced on the auction day, payment by successful bidders follows on the prescribed settlement date, and the stocks are eligible for When Issued trading under RBI guidelines.