The Government of India (GoI) has announced the sale (issue/re-issue) of (i) “6.69% Government Security 2024” for a notified amount of Rs 4,000 Crore (nominal) through price based auction using uniform price method, (ii) “7.10% Government Security 2029” for a notified amount of Rs 7,000 Crore (nominal) through price based auction using uniform price method, (iii) “7.26% Government Security 2032” for a notified amount of Rs 13,000 Crore (nominal) through price based auction using uniform price method and (iv) “New Government Security 2062” for a notified amount of Rs 9,000 Crore (nominal) through yield 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 September 16, 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 September 16, 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 am.

The result of the auctions will be announced on September 16, 2022 (Friday) and payment by successful bidders will be on September 19, 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: issuance via uniform and multiple-price methods with non-competitive allocation and electronic bidding. The Government announced auctions for four central government securities with three re-issues via price-based uniform price auction and a new long-dated security via yield-based multiple price auction, an option to accept additional subscriptions against each security, a five percent reservation for non-competitive bids, electronic bid submission on the RBI E-Kuber platform within prescribed windows, specified result and settlement timings, and eligibility for When Issued trading under RBI guidelines.