The Government of India has announced the Sale (Re-issue) of (i) “7.37 per cent Government Stock, 2023”  for a notified amount of ₹ 2,000 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 ₹ 2,000 crore (nominal) through price based auction, and (iv) “7.72 per cent Government Stock, 2055” for a notified amount of ₹ 4,000 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, Mumbai Office, Fort, Mumbai on September 28, 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 September 28, 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 September 28, 2018 (Friday) and payment by successful bidders will be on October 1, 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 re-issue: multiple-price sale with non-competitive allotment and electronic bidding via central bank platform. The Government announced re-issue auctions for four government stocks using the multiple price method through the central bank's electronic platform, with a combined notified amount subject to an overall limit and an option to retain additional subscriptions. Up to 5% of each notified amount is reserved for eligible participants under the non-competitive bidding facility. Competitive and non-competitive bids must be submitted electronically within prescribed time windows on the auction date; results and payment are scheduled on specified subsequent dates. The stocks are eligible for when issued trading under existing central bank guidelines.