Government of India has announced the Sale (Re-issue) of (i) “6.65 per cent Government Stock, 2020” for a notified amount of ₹ 2,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock, 2026” for a notified amount of ₹ 2,000 crore (nominal) through price based auction, (iii) “GoI Floating Rate Bond 2031” for a notified amount of ₹ 3,000 crore (nominal) through price based auction, (iv) “6.57 per cent Government Stock, 2033” for a notified amount of ₹ 3,000 crore (nominal) through price based auction, and (v) “8.13 per cent Government Stock, 2045” for a notified amount of ₹ 2,000 crore (nominal) through price based auction. Subject to the limit of ₹ 12,000 crore, being total notified amount, GoI 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 (RBI), Mumbai Office, Fort, Mumbai on August 16, 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 16, 2018. The non-competitive bids should be submitted between 12 noon and 1 p.m. and the competitive bids should be submitted between 12 noon and 1.30 p.m.

The result of the auctions will be announced on August 16, 2018 (Thursday) and payment by successful bidders will be on August 20, 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.

Auction of government securities: multiple-price sale with reserved non-competitive allocation and electronic E-Kuber bidding window. Re-issue auctions of specified Government of India stocks will be conducted by multiple-price, price-based auction with an overall notified amount and a government option to retain additional subscriptions within a per-security limit subject to the aggregate cap. 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 via the designated core banking system during prescribed intra-day windows. Auction results and payment/settlement occur on scheduled dates, and the stocks are eligible for When Issued trading under applicable guidelines.