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Auction for Sale of Govt Stocks

New Delhi: Government of India have announced the sale (re-issue) of (i) “6.49 percent Government Stock 2015” for a notified amount of Rs.6,000 crore (nominal) (ii) “6.35 percent Government Stock 2020” for a notified amount of Rs.4,000 crore (nominal) and (iii) "8.28 percent Government Stock 2032" for a notified amount of Rs.2,000 crore (nominal) through price based auctions. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on September 25, 2009 (Friday).

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.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Negotiated Dealing System (NDS) on September 25, 2009. 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 12.30 p.m.

The result of the auctions will be announced on September 25, 2009 and payment by successful bidders will be on September 29, 2009 (Tuesday).

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

As per the indicative calendar, the Government of India was to auction securities amounting to Rs.8,000 crore during the period September 18-25, 2009. The Government of India, in consultation with the Reserve Bank of India, have decided to enhance the amount of auction to Rs.12,000 crore in view of the cancelled auction of August 7, 2009 when all the bids received were rejected.


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