The Government of India (GoI) has announced the sale (re-issue) of (i) “7.04% Government Security 2029” for a notified amount of ₹12,000 crore (nominal) through price based auction using multiple price method, (ii) “7.23% Government Security 2039” for a notified amount of ₹12,000 crore (nominal) through price based auction using multiple price method and (iii) “7.09% Government Security 2054” 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 September 27, 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 September 27, 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 September 27, 2024 (Friday) and payment by successful bidders will be on September 30, 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 three dated bonds via multiple-price method with non-competitive allocation and when-issued trading eligibility. Re-issue auctions for three GoI dated securities will be conducted via price-based multiple price method with an option for the Government to retain additional subscriptions. Up to 5% of each notified amount is reserved under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the RBI E-Kuber system within prescribed non-competitive and competitive windows on the auction date; results and payment occur on specified subsequent dates. The securities qualify for When Issued trading under RBI guidelines.