The Government of India (GoI) has announced the sale (issue/re-issue) of (i) “New Government Security 2029” for a notified amount of ₹14,000 crore (nominal) through yield based auction using multipleprice method and (ii) “7.34% Government Security 2064” for a notified amount of ₹15,000 crore (nominal) through price based auction using multipleprice 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 20, 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 December 20, 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 December 20, 2024 (Friday) and payment by successful bidders will be on December 23, 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 methods; non-competitive allocation and when-issued trading permitted under RBI rules. The Government of India announced auctions for two government securities to be conducted via the Reserve Bank of India's E-Kuber system: one through a yield-based auction using the multiple price method and the other through a price-based auction using the multiple price method, with the government retaining an option to accept additional subscriptions. Up to five percent of each issue is reserved under the Scheme for Non-Competitive Bidding. Competitive and non-competitive bids must be submitted electronically within prescribed windows; auction results and a specified settlement date will follow. The securities are eligible for When Issued trading per Reserve Bank guidelines.