The Government of India (GoI) has announced the sale (issue/ re-issue) of (i) “6.69% Government Security 2024” for a notified amount of ₹4,000 Crore (nominal) through price based auction using uniform price method, (ii) “7.10% Government Security 2029” for a notified amount of ₹6,000 Crore (nominal) through price based auction using uniform price method, (iii) “New Government Security 2036” for a notified amount of ₹11,000 Crore (nominal) through yield based auction using uniform price method and (iv) “7.40% Government Security 2062” 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 December 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 December 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 a.m.

The result of the auctions will be announced on December 16, 2022 (Friday) and payment by successful bidders will be on December 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.

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RM/PPG/KMN

Government securities auction procedures: issuance methods, non-competitive allocation, electronic bidding and when-issued trading eligibility announced. The Government announced auctions of four central government securities with specified notified nominal amounts, using price-based (uniform price) and yield-based methods and one multiple price auction; GoI may retain additional subscriptions against each security. Up to 5% of each notified amount is reserved for eligible applicants under the Non-Competitive Bidding scheme. Both competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within stated time windows; auction results and payment dates are scheduled and the securities qualify for when-issued trading under RBI guidelines.