The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘3.96% Government Security, 2022’ for a notified amount of ₹ 2,000 crore (nominal) through price based auction, (ii) ‘5.15% Government Security, 2025’ for a notified amount of ₹ 11,000 crore (nominal) through price based auction,  (iii) ‘5.85% Government Security, 2030’ for a notified amount of ₹ 9,000 crore (nominal) through price based auction, and (iv) ‘6.80%  Government Security, 2060’ for a notified amount of ₹ 6,000 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 December 11, 2020 (Friday) using multiple price method.

Up to 5% of the notified amount of the sale of the Securities 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 December 11, 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 December 11, 2020 (Friday) and payment by successful bidders will be on December 14, 2020 (Monday).

The Securities 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-issue announced with price-based multiple-price bidding and a non-competitive allocation facility. Announcement of re-issue auctions for four Government securities using price-based auctions conducted by the Reserve Bank of India under the multiple price method, with the Government able to retain additional subscription. Up to 5% of each notified amount is reserved for eligible participants under the Non-Competitive Bidding Facility; bids must be submitted electronically on the E-Kuber system within prescribed windows; auction result and payment timelines are specified; securities will be eligible for when-issued trading per RBI guidelines.