The Government of India (GoI) has announced the sale (re-issue) of (i) “6.99% Government Security 2026” for a notified amount of Rs. 8,000 crore (nominal) through price based auction using uniform price method, (ii) “7.17% Government Security 2030” for a notified amount of Rs. 7,000 crore (nominal) through price based auction using uniform price method, (iii) “7.41% Government Security 2036” for a notified amount of Rs. 12,000 crore (nominal) through price based auction using uniform price method and (iv) “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 July 07, 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 July 07, 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 July 07, 2023 (Friday) and payment by successful bidders will be on July 10, 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-issues offered via uniform and multiple price methods with reserved non-competitive allotment. Re-issues of four central government dated securities will be sold by scheduled auctions: three via the uniform price method and one via the multiple price method, with an option for additional subscription against each security. Up to five percent of each notified amount is reserved for eligible participants under the non-competitive bidding facility. Competitive and non-competitive electronic bids must be submitted on the core banking auction platform within prescribed time windows on the auction date. Auction results will be announced on the auction date and payment by successful bidders will follow on the scheduled settlement date. Securities qualify for when-issued trading under existing guidelines.