The Government of India (GoI) has announced the sale (re-issue) of (i) “7.37% 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 ₹16,000 crore (nominal) through price based auction using uniform price method and (iii) “7.46% Government Security 2073” 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 ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on December 15, 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 December 15, 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 December 15, 2023 (Friday) and payment by successful bidders will be on December 18, 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 via uniform and multiple price methods with non-competitive bidding quota and electronic submission. Auction for re-issuance of three Government securities will be conducted via price-based methods (two by uniform price, one by multiple price) through RBI's E-Kuber; the issuer may retain additional subscriptions. Up to five percent of each notified amount is reserved for eligible participants under the non-competitive bidding scheme, with prescribed electronic submission windows for non-competitive and competitive bids, and securities eligible for 'When Issued' trading per RBI guidelines.