The Government of India has announced the Sale (Re-issue) of (i) “7.37 per cent Government Stock, 2023”  for a notified amount of  ₹ 3000 crore (nominal) through price based auction, (ii) “7.17 per cent Government Stock, 2028” for a notified amount of ₹ 3,000 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) “7.06 per cent Government Stock, 2046” for a notified amount of ₹ 3,000 crore (nominal) through price based auction. Subject to the limit of ₹ 11,000 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 October 12, 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 October 12, 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 October 12, 2018 (Friday) and payment by successful bidders will be on October 15, 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 offered via multiple-price method; non-competitive bids allowed and when-issued trading permitted. Re-issue auctions for four Central Government stocks will be conducted by the Reserve Bank of India using the multiple price method, subject to an overall notified ceiling and with an option to accept additional subscriptions. Up to five per cent of notified amounts is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Bids must be submitted electronically via the RBI E-Kuber system within prescribed windows for non-competitive and competitive bids. Stocks are eligible for when-issued trading under RBI guidelines.