The Government of India has announced the Sale (re-issue) of (i) “Government of India Floating Rate Bonds 2024” for a notified amount of  Rs. 3000 crore (nominal) through price based auction, (ii) “6.79 per cent Government Stock, 2027” for a notified amount of Rs. 8,000 crore (nominal) through price based auction, (iii) “7.73 per cent Government Stock  2034” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, (iv) “7.06 per cent Government Stock, 2046” for a notified amount of  Rs.  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 June 9, 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 June 9, 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 June 9, 2017 (Friday) and payment by successful bidders will be on June 12, 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 rules permit allocation to non-competitive bidders and set electronic submission and settlement schedule. Sale (re-issue) of multiple central government securities will be conducted by the Reserve Bank through price based auctions using the multiple price method. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on the E Kuber system within prescribed windows on the auction date; auction results and payment/settlement are scheduled in accordance with the announced timetable. The stocks are eligible for when issued trading under existing RBI guidelines.