The Government of India has announced the Sale (Re-issue) of (i) ‘5.22 percent Government Stock, 2025’ for a notified amount of ₹ 12,000 crore (nominal) through price based auction, (ii) ‘6.19 percent Government Stock, 2034’ for a notified amount of ₹ 11,000 crore (nominal) through price based auction, and (iii) ‘7.16 per cent Government Stock, 2050’ for a notified amount of ₹ 7,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to Rs 2,000 crore against each of the above securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on August 21, 2020 (Friday) using multiple price method.

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 August 21, 2020. The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m.

The result of the auctions will be announced on August 21, 2020 (Friday) and payment by successful bidders will be on August 24, 2020 (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/2018-19/25 dated July 24, 2018 as amended from time to time.

Government securities auction re-issues offered via price-based, multiple-price method with electronic competitive and non-competitive bidding. Auctions of three Government stocks are being offered by price-based, multiple-price re-issue; the issuer may retain additional subscriptions. Up to a reserved portion of each notified amount will be allotted under the Non-Competitive Bidding Facility. Both competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within specified time windows; auction results and payment dates are prescribed. The securities will be eligible for When Issued trading under RBI guidelines.