The Government of India (GoI) has announced the Sale (Re-issue) of (i) 5.74% Government Security, 2026’ for a notified amount of ₹9,000 crore (nominal) through price based auction using uniform price method; (ii) ‘‘GoI Floating Rate Bonds, 2028’ for a notified amount of ₹4,000 crore (nominal) through price based auction using uniform price method; (iii) ‘6.67% Government Security 2035’ for a notified amount of ₹10,000 crore (nominal) through price based auction using uniform price method and (iv) ‘6.99% Government Security 2051’ for a notified amount of ₹9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on Friday i.e. May 06, 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 May 06, 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 May 06, 2022 (Friday) and payment by successful bidders will be on May 09, 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.

Auction of government securities using uniform and multiple price methods enables competitive and non competitive bids with E Kuber submission. The Government of India announced re issues of four government securities to be sold by auction, with three using the uniform price method and one using the multiple price method; the government may accept additional subscriptions against each security. Up to five percent of each issue will be allotted under the Scheme for Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on the RBI E Kuber system within prescribed time windows on the auction date. Auction results and the settlement date are announced, and the securities are eligible for 'When Issued' trading under RBI guidelines.