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) ‘7.30% 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 ₹ 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 29, 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 29, 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 29, 2023 (Friday) and payment by successful bidders will be on January 01, 2024 (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-issue of multiple dated bonds using uniform and multiple price methods with non-competitive allocation. The Government announced re-issues of three dated Government Securities through auctions on December 29, 2023, with the Government able to accept additional subscriptions up to a stated limit for each security. Two issues will use the uniform price method and one will use the multiple price method. Up to five percent of each notified amount is reserved for the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via RBI's E-Kuber within specified windows; results and payment dates are set and the securities are eligible for When Issued trading under RBI guidelines.