Government of India (GoI) has announced the sale (re-issue) of (i) “7.10% Government Security 2034” for a notified amount of ₹20,000 crore (nominal) through price based auction using multiple price method and (ii) “7.34% Government Security 2064” for a notified amount of ₹11,000 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 June 28, 2024 (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 June 28, 2024. 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 June 28, 2024 (Friday) and payment by successful bidders will be on July 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 using multiple price method with reserved non competitive allocation and e submission requirement. Re-issue auctions for two central government securities will be conducted by the Reserve Bank of India using the multiple price method; the government may retain additional subscriptions and reserves a portion of each notified amount for eligible individuals and institutions under the Scheme for Non-Competitive Bidding. Competitive and non-competitive bids must be submitted electronically via the RBI E-Kuber system within prescribed windows; auction results and settlement will occur on announced dates. The securities are eligible for 'When Issued' trading under RBI guidelines.