The Government of India (GoI) has announced the sale (re-issue) of (i) “7.17% Government Security 2030” for a notified amount of Rs 7,000 crore (nominal) through price based auction using uniform price method, (ii) “7.41% Government Security 2036” for a notified amount of Rs 12,000 crore (nominal) through price based auction using uniform price method and (iii) “7.25% Government Security 2063” for a notified amount of Rs 12,000 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 June 23, 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 June 23, 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 June 23, 2023 (Friday) and payment by successful bidders will be on June 26, 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 with uniform and multiple price methods; non-competitive bidding and when-issued trading permitted. The Government announced re-issue auctions of three government securities, two via uniform price method and one via multiple price method, with 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 RBI E-Kuber system within prescribed time windows; auction results and payment dates are scheduled and the securities will be eligible for When Issued trading under RBI guidelines.