Home » News » Banking & Finance » Auction for Sale (Re-issue) of Government of India Floating Rate Bonds 2024 and Government Stock 2028. 

Auction for Sale (Re-issue) of Government of India Floating Rate Bonds 2024 and Government Stock 2028. 

The Government of India has announced the Sale (re-issue) of (i) “Government of India Floating Rate Bonds 2024” for a notified amount of Rs.3000 crore (nominal) through price based auction, and (ii)“7.17 per cent Government Stock, 2028” for a notified amount of Rs.8,000 crore (nominal) through price based auction. Subject to the limit of Rs.11,000 crore,being total notified amount,GoI will have the option to retain additional subscription up to Rs.1,000 crore against anyor 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 February9, 2018(Friday).

Up to 5% of the notified amount of the sale of the stockswill 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 February 9, 2018. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

The result of the auctions will be announced on February 9, 2018 (Friday)and payment by successful bidders will be on February 12, 2018(Monday).

The Stocks 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 (RBI) vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

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