The Government of India (GoI) has announced the sale (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) “7.41% Government Security 2036” for a notified amount of ₹11,000 Crore (nominal) through price 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 30, 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 30, 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 30, 2022 (Friday) and payment by successful bidders will be on January 02, 2023 (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 re issue announced with mixed pricing methods and non competitive allocation reserved and specified settlement dates. Re issue auctions are announced for four Central Government securities with specified notified nominal amounts, to be conducted by the Reserve Bank of India. Three securities will be sold by price based auction using the uniform price method and one by multiple price method. The Government may retain additional subscription up to a stated amount for each security. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the non competitive bidding facility. Bids are to be submitted electronically on E Kuber within prescribed time windows; auction results, payment dates, and when issued trading eligibility are set as per RBI guidelines.