The Government of India has announced the Sale (Re-issue) of (i) “6.84 per cent Government Stock, 2022” for a notified amount of  ₹ 3,000 crore (nominal) through price based auction, (ii) “7.17 per cent Government Stock, 2028” 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 Rs.  2,000 crore (nominal) through price based auction, and (iv) “7.72 per cent Government Stock, 2055” 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 ​I​ndia​ will have the option to retain additional subscription up to ₹ 1,000 crore each 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, Mumbai Office, Fort, Mumbai on June 29, 2018 (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 29, 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 June 29, 2018 (Friday) and payment by successful bidders will be on July 2, 2018 (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 procedures: price-based multiple-price auctions with non-competitive allocation and electronic bidding, plus when-issued trading eligibility. Sales of specified Government Stock issues will be conducted by auction using the multiple price method, with the Government able to retain additional subscriptions within a stated cap. Up to five percent of each notified amount is reserved for eligible individuals and institutions under a non-competitive bidding facility. Competitive and non-competitive bids must be submitted electronically on the central banking electronic system within prescribed time windows; allotment, payment timetable, and eligibility for When Issued trading follow the announced operational schedule.