The Government of India (GoI) has announced the sale (re-issue) of (i) “7.06% Government Security 2028” for a notified amount of ₹8,000 crore (nominal) through price based auction using uniform price method, (ii) “7.26% Government Security 2033” for a notified amount of ₹14,000 crore (nominal) through price based auction using uniform price method and (iii) “7.30% Government Security 2053” for a notified amount of ₹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 June 30, 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 30, 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 30, 2023 (Friday) and payment by successful bidders will be on July 03, 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.

Re-issue auction of government securities opens for bidding, with competitive and non-competitive channels and allotment rules. Re issue auctions are announced for three Government securities, two using the uniform price method and one using the multiple price method, with the Government able to retain additional subscriptions. Up to 5% of each notified amount is reserved for non competitive bidders under the Scheme. Auctions will be conducted electronically on the RBI E Kuber system with specified submission windows for non competitive and competitive bids; results and settlement follow the announced schedule. The securities will be eligible for when issued trading in line with RBI guidelines.