The Finance Ministry on Monday announced the sale of government bonds worth Rs 28,000 crore, set for Friday (May 3), divided into three lots and executed through a price-based auction utilising the multiple price method.
The first lot, valued at Rs 6,000 crore, includes “7.33 percent Government Security 2026." The second lot, totaling Rs 10,000 crore, comprises “7.23 percent Government Security 2039," while the third lot, worth Rs 12,000 crore, features “7.34 percent Government Security 2064.”.
The government also retains the option to accept an additional subscription of up to Rs 2,000 crore against each security.
The Reserve Bank of India, located in Mumbai, will oversee the auctions.
Eligible individuals and institutions can receive up to 5% of the notified amount through the Scheme for Non-Competitive Bidding Facility in the auction of government securities.
Both competitive and non-competitive bids must be submitted electronically via the RBI’s Core Banking Solution (E-Kuber) system on May 3, 2024.
Non-competitive bids are to be submitted between 10:30 a.m. and 11:00 a.m., while competitive bids should be submitted between 10:30 a.m. and 11:30 a.m., as stated by the Finance Ministry.
The auction results will be announced on May 3, with successful bidders making payments on May 6, 2024 (Monday).
The securities will be eligible for “when issued” trading in accordance with RBI guidelines.
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