Auction for Sale ( Re-issue) of Govt Stocks

Speed Post News Network

New Delhi : The Government of India has announced the Sale (Re-issue) of (i) “7.37 % Government Stock, 2023”  for a notified amount of  Rs 3,000 crore (nominal) through price based auction, (ii) “6.68 % Government Stock, 2031” for a notified amount of Rs 4,000 crore (nominal) through price based auction, (iii) “7.40 % Government Stock, 2035” for a notified amount of Rs 2,000 crore (nominal) through price based auction, and (iv) “6.62 % Government Stock, 2051” for a notified amount of Rs 3,000 crore (nominal) through price based auction.

Subject to the limit of Rs 12,000 crore, being total notified amount, The Government of India will have the option to retain additional subscription up to Rs 1,000 crore against any one or more of the above securities. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India (RBI), Mumbai Office, Fort, Mumbai, on April 26, 2018.

Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities, according to a PIB release.

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 April 26, 2018. The non-competitive bids should be submitted between 10.30 am and 11.30 am and the competitive bids should be submitted between 10.30 am. and 12 noon. The result of the auctions will be announced on April 26, 2018, and payment by successful bidders will be on made April 27, 2018.