Government of India announces the sale of three dated securities for ₹ 19,000 crore

Government of India (GoI) has announced the sale (re-issue) of three dated securities as per the following details:

Sr. No Security Notified Amount
(in ₹ crore)
Auction Date Settlement date
1 6.18% GS 2024 9,000 April 30, 2020
May 04, 2020
2 7.57% GS 2033 4,000
3 7.16% GS 2050 6,000
  Total 19,000    

2. GoI will have the option to retain additional subscription up to ₹2,000 crore each against any one or more of the above security. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The stocks will be sold through Reserve Bank of India Mumbai Office, Fort, Mumbai – 400001, as per the terms and conditions specified in the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 and Reserve Bank of India press release dated March 31, 2020 for release of Indicative market borrowing calendar for H1 2020-21.

3. The auction will be price based (for all securities), using multiple price method. 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.

4. 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 30, 2020. The non-competitive bids should be submitted between 10.30 a.m. to 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. to 11.30 a.m. The result of the auctions will be announced on April 30, 2020.

5. Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595414, 022-27595666). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-27595688).

6. The stocks will qualify for the ready forward facility.

7. The underwriting of the Government Securities under auctions by the ‘Primary Dealers’ will be as per the “Revised Scheme of Underwriting Commitment and Liquidity Support” announced by the Reserve Bank vide circular RBI/2007-08/186 dated November 14, 2007. Bids for underwriting of the Additional Competitive Underwriting (ACU) portion can be submitted by ‘Primary Dealers’ from 9.00 AM up to 9.30 AM on April 30, 2020 (Thursday) on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

8. The Stocks will be eligible for “When Issued” trading for a period commencing from April 27, 2020 – April 30, 2020 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.

Ajit Prasad

Press Release: 2019-2020/2274

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