The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘5.09 per cent Government Stock, 2022’ for a notified amount of ₹ 3,000 crore (nominal) through price based auction, (ii) ‘5.77 per cent GS, 2030’ for a notified amount of ₹ 13,000 crore (nominal) through price based auction, (iii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of ₹ 3,000 crore (nominal) through price based auction, and (iv) ‘6.80% Government Stock, 2060’ for a notified amount of ₹ 9,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to ₹ 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 October 9, 2020 (Friday) using multiple price method.

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 October 9, 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 October 9, 2020 (Friday) and payment by successful bidders will be on October 12, 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 via price-based multiple-price method with non-competitive bidding and when-issued trading eligibility. Re-issuance auctions for four Central Government securities will use a price-based multiple-price method; the issuer may accept additional subscriptions up to a notified limit for each security. Up to 5% 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 on the designated core banking auction system within specified time windows. Auction results and payment/settlement dates are pre-set. The stocks are eligible for When Issued trading under applicable central bank guidelines.