The Government of India (GoI) has announced the sale (re-issue) of (i) “7.06% Government Security 2028” for a notified amount of Rs 8,000 crore (nominal) through price based auction using uniform price method, (ii) “7.26% Government Security 2033” for a notified amount of Rs 14,000 crore (nominal) through price based auction using uniform price method and (iii) “7.36% Government Security 2052” for a notified amount of Rs 11,000 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 19, 2023 (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 19, 2023. 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 19, 2023 (Friday) and payment by successful bidders will be on May 22, 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: competitive and non-competitive bidding allowed with E-Kuber submission and when-issued trading. Three Central Government securities are offered by re-issue through auctions using the uniform price method for two securities and the multiple price method for one; the issuer may retain additional subscription up to a specified incremental amount and up to five percent of each notified amount is reserved for eligible participants under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the Reserve Bank of India E-Kuber system within prescribed time windows for non-competitive and competitive bids, with auction results announced and payment scheduled on specified settlement dates; the securities are eligible for when-issued trading under RBI guidelines.