The Government of India (GoI) has announced the sale (issue/ 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) “New Government Security 2033” for a notified amount of Rs 14,000 crore (nominal) through yield based auction using uniform price method and (iii) “7.30% Government Security 2053” 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 August 11, 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 August 11, 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 August 11, 2023 (Friday) and payment by successful bidders will be on August 14, 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.

Auction of government securities: mixed pricing methods, non-competitive allocation and electronic bidding with scheduled settlement procedures. The Government of India announced auctions for multiple Government Securities to be conducted by the Reserve Bank of India using uniform price and multiple price methods, with an option to retain additional subscriptions. A portion of each issue is reserved for eligible bidders under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via the RBI E-Kuber system within prescribed windows. Auction results, payment timings for successful bidders, and eligibility for When Issued trading will follow RBI guidelines.