The Government of India (GoI) has announced the Sale (re-issue) of
(i) ‘‘GoI Floating Rate Bonds, 2028’ for a notified amount of ₹4,000 crore (nominal) through price based auction using uniform price method; (ii) ‘6.54% Government Security, 2032’ for a notified amount of ₹13,000 crore (nominal) through price based auction using uniform price method; and (iii) ‘6.95% Government Security 2061’ for a notified amount of ₹6,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore each against one or more security/ies. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on Friday i.e. February 25, 2022.

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 25, 2022. 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 25, 2022 (Friday) and payment by successful bidders will be on February 28, 2022 (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 opens with re-issues using uniform and multiple price methods; non competitive bids allowed and when issued trading permitted. Re-issue auctions are announced for three Central Government securities with specified maturities and notified amounts to be sold using the uniform price method for two issues and the multiple price method for one, with a government option to retain additional subscriptions. Up to five percent of each issue is reserved under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically through the designated bid submission system within prescribed time windows; auction results and payment/settlement dates are pre-announced. Securities will be eligible for When Issued trading under existing guidelines.