The Government of India (GoI) has announced the sale (re-issue) of (i) “7.06% Government Security 2028” for a notified amount of ₹7,000 crore (nominal) through price based auction using uniform price method, (ii) “7.18% Government Security 2033” for a notified amount of ₹13,000 crore (nominal) through price based auction using uniform price method and (iii) “7.30% Government Security 2053” for a notified amount of ₹10,000 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 October 06, 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 October 06, 2023. The non-competitive bids should be submitted between 12:30 p.m. and 01:00 p.m. and the competitive bids should be submitted between 12:30 p.m. and 01:30 p.m.

The result of the auctions will be announced on October 06, 2023 (Friday) and payment by successful bidders will be on October 09, 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 methods govern re-issue, non competitive allocation and when issued trading eligibility under prescribed RBI procedures. Re-issuance of three Government securities is scheduled by auction with specified nominal amounts and an option for the Government to retain additional subscription up to Rs 2,000 crore per security. The 2028 and 2033 re-issues will be sold by price based auction using the uniform price method and the 2053 re-issue by multiple price method. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Bids must be submitted electronically on RBI E-Kuber within prescribed windows; results, allotment and payment follow the announced timetable, and securities are eligible for When Issued trading under RBI guidelines.