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 June 30, 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 30, 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 30, 2017 (Friday) and payment by successful bidders will be on July 3, 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: price-based re-issue with multiple price method, competitive and non-competitive electronic bidding. Sale (re-issue) of specified Government of India securities will be conducted by the Reserve Bank of India through price-based auctions using the multiple price method. Competitive and non-competitive bids must be submitted electronically on the E-Kuber system within prescribed submission windows. Up to five percent of each notified issue is reserved under the Non-Competitive Bidding Facility for eligible individuals and institutions. Auction results, payment, settlement dates, and eligibility for When Issued trading follow RBI guidelines.