The Government of India has announced the Sale (Re-issue) of (i) “7.37 per cent Government Stock, 2023”  for a notified amount of  Rs. 3,000 crore (nominal) through price based auction, (ii) “6.68 per cent Government Stock, 2031” for a notified amount of ₹ 4,000 crore (nominal) through price based auction, (iii) “7.40 per cent Government Stock, 2035” for a notified amount of ₹ 2,000 crore (nominal) through price based auction, and (iv) “6.62 per cent Government Stock, 2051” for a notified amount of ₹ 3,000 crore (nominal) through price based auction. Subject to the limit of ₹ 12,000 crore, being total notified amount, Government of India will have the option to retain additional subscription up to ₹ 1,000 crore against any one or more of the above securities. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India (RBI), Mumbai Office, Fort, Mumbai on April 26, 2018 (Thursday).

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 April 26, 2018. 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 April 26, 2018 (Thursday) and payment by successful bidders will be on April 27, 2018 (Friday).   

 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 (RBI) vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

Auction of government stocks: price-based multiple-price sale with non-competitive allocation and electronic bidding deadlines and when-issued trading eligibility. Re-issue auctions of government stocks will be conducted by the central bank using the Multiple Price Method with a combined notified amount subject to an option to retain additional subscriptions; up to 5% of each issue is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the central bank's Core Banking Solution within prescribed time windows on the auction date; auction results and payment/settlement occur on specified consecutive dates. The re-issued stocks are eligible for When Issued trading per the central bank's guidelines.