Government of India (GoI) has announced the Sale (issue/re-issue) of
(i) “5.74% Government Security, 2026” for a notified amount of Rs 9,000 crore (nominal) through price based auction using uniform price method; (ii) ‘‘GoI Floating Rate Bonds, 2034” for a notified amount of Rs 4,000 crore (nominal) through price based auction using uniform price method; (iii) “New Government Security 2036” for a notified amount of Rs 10,000 crore (nominal) through yield based auction using uniform price method and (iv) “6.99% Government Security 2051” for a notified amount of Rs 9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on May 20, 2022 (Friday).

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 20, 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 20, 2022 (Friday) and payment by successful bidders will be on May 23, 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: primary issuance with competitive and non competitive bidding, allocation reserve and trading eligibility. Primary auctions for four government securities will be conducted using price based and yield based methods (uniform and multiple price), with the Government having an option to retain additional subscriptions. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on the central bank's core banking system within prescribed windows on the auction date; auction results and payment dates will be announced by the central bank. Securities are eligible for When Issued trading under the central bank's guidelines.