Government of India has announced the Sale (re-issue) of:

(i)    “Government of India Floating Rate Bonds 2024” for a notified amount of ₹ 3000 crore (nominal) through price based auction,

(ii)    “6.79 per cent Government Stock, 2027” for a notified amount of ₹ 8,000 crore (nominal) through price based auction,

(iii)    “7.73 per cent Government Stock 2034” for a notified amount of ₹ 2,000 crore (nominal) through price based auction,

(iv)    “7.06 per cent Government Stock, 2046” 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 26, 2017 (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 26, 2017. 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 26, 2017 (Friday) and payment by successful bidders will be on May 29, 2017 (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 using multiple price method with non-competitive allocation and electronic bidding via core banking system. Reissue of central government marketable securities will occur through price-based auctions using the multiple price method, administered on the central bank's electronic core banking platform. Distinct submission windows are specified for non-competitive and competitive bids, with up to five percent of each issue reserved under the Non-Competitive Bidding Facility. Auction results will be announced on the auction date and payment by successful bidders will follow on the scheduled settlement date. The stocks are eligible for When Issued trading under existing central bank guidelines.