Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘3.96% Government Security, 2022’ for a notified amount of Rs 2,000 crore (nominal) through pricebased auction, (ii) ‘5.15% Government Security, 2025’ for a notified amount of Rs 11,000 crore (nominal) through pricebased auction, (iii)‘5.85% Government Security, 2030’ for a notified amount of Rs 8,000 crore (nominal) throughpricebased auction,and(iv) ‘6.80%Government Security, 2060’ for a notified amount of Rs 6,000 crore (nominal) through pricebased 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 January 08, 2021 (Friday) using multiple price method.

Up to 5% of the notified amount of the sale of the Securitieswill 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 January 08, 2021. The non-competitive bids should be submitted between10.30 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 January 08, 2021 (Friday) and payment by successful bidders will be on January 11, 2021 (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 security re-issue auction using multiple price method with reserved non-competitive allotment and when-issued trading eligibility. Re-issue auctions for four Central Government securities will be conducted by the central bank using the multiple price method, with the issuer having an option to retain additional subscriptions up to a stated cap for each security. Up to a prescribed percentage of each notified amount is reserved for eligible individuals and institutions under the Scheme for Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via the central bank's Core Banking Solution (E-Kuber) within specified time windows on the auction date, with auction results and settlement dates announced in the auction timetable. The securities are eligible for when issued trading under existing central bank guidelines.