The Government of India has announced the Sale (Issue/Re-issue) of (i) ‘7.00 per cent Government Stock, 2021’ for a notified amount of Rs. 3,000 crore (nominal) through price based auction, (ii) ‘7.27 per cent Government Stock, 2026’ for a notified amount of ₹ 3,000 crore (nominal) through price based auction, (iii) ‘Government of India Floating Rate Bonds, 2031’ for a notified amount of ₹ 5,000 crore (nominal) through price based auction, (iv)‘7.62 percent Government Stock, 2039’ for a notified amount of Rs.2,000 crore (nominal) through price based auction, and (v) ‘New Government Stock 2059’ for a notified amount of ₹ 4,000 crore (nominal) through yield based auction. Subject to the limit of ₹ 17,000 crore, being total notified amount, Government of India 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 May 3, 2019 (Friday).

Up to 5% of the notified amount of the sale of the stockswill 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 May 3, 2019. The non-competitive bids should be submitted between 11.30 a.m. and 12.00 noonand the competitive bids should be submitted between 11.30 a.m. and 12.30 p.m.

The result of the auctions will be announced on May 3, 2019 (Friday) and payment by successful bidders will be on May 6, 2019 (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 (RBI) vide Circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Government securities auction: multiple stocks offered with multiple price method, non competitive quota and electronic bidding procedures. Announcement prescribes sale/re issue of specified central government stocks and a floating rate bond through price based and yield based auctions under an overall notified limit with an option to retain additional subscriptions. Auctions will be conducted by the Reserve Bank of India using the multiple price method, with up to 5% of each notified amount reserved for eligible bidders under the Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on the E Kuber system within prescribed time windows; results and settlement dates are specified, and the stocks are eligible for When Issued trading per RBI guidelines.