The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘4.48% Government Stock, 2023’ for a notified amount of ₹ 6,000 crore (nominal) through price based auction, (ii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of ₹ 2,000 crore (nominal) through price based auction,  (iii) ‘6.22% Government Stock, 2035’ for a notified amount of ₹ 9,000 crore (nominal) through price based auction, and (iv) ‘6.67%  Government Stock, 2050’ for a notified amount of ₹ 5,000 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 November 20, 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 November 20, 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 November 20, 2020 (Friday) and payment by successful bidders will be on November 23, 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 reissues proceed via price-based multiple-price method with electronic competitive and non-competitive bidding. The Government announced re-issues of four government securities to be sold via price-based auction using the multiple price method, with an option to accept additional subscriptions. Bids must be submitted electronically on the Reserve Bank's Core Banking Solution (E-Kuber). 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 have distinct electronic submission windows. Auction results and payment follow on scheduled dates, and the stocks are eligible for When Issued trading per central bank guidelines.