The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘4.48% Government Security, 2023’ for a notified amount of ₹ 4,000 crore (nominal) through price based auction, (ii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of ₹ 4,000 crore (nominal) through price based auction, (iii) ‘6.22% Government Security, 2035’ for a notified amount of ₹ 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 ₹ 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 March 12, 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 March 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 March 12, 2021 (Friday) and payment by successful bidders will be on March 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 re-issue: price-based multiple-price sale with non-competitive bidding and electronic E Kuber submission and payment schedule. Re-issue auctions of multiple Central Government securities will be conducted by the Reserve Bank of India using the multiple price method, with the Government retaining an option to accept additional subscriptions. Up to five percent of each notified amount is reserved for the Non Competitive Bidding Facility for eligible individuals and institutions. Competitive and non competitive bids must be submitted electronically on E Kuber within prescribed time windows on the auction date; results and payment/settlement dates are set out in the auction notice. The securities are eligible for When Issued trading under RBI guidelines.