The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘4.48% Government Security, 2023’ for a notified amount of ₹ 5,000 crore (nominal) through price based auction, (ii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of ₹ 5,000 crore (nominal) through price based auction,  (iii) ‘6.22% Government Security, 2035’ for a notified amount of Rs 11,000 crore (nominal) through price based auction, and (iv) ‘6.67%  Government Security, 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 February 12, 2021 (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 February 12, 2021. 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 February 12, 2021 (Friday) and payment by successful bidders will be on February 15, 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 securities auction rules: price-based multiple-price auction with competitive and non-competitive bids and allocation limits. Announcement of a re-issue auction of multiple central government securities by the Government of India using a price-based, multiple price method; the Government may retain additional subscriptions and a fixed percentage of each issue is reserved for eligible investors under the Non-Competitive Bidding Facility. Bids must be submitted electronically via the Reserve Bank's E-Kuber system within prescribed time windows for non-competitive and competitive bids; results are announced on the auction day, payment follows, and the securities are eligible for When Issued trading under Reserve Bank guidelines.