Centre announces auction for sale of Rs 26,000 cr govt securities

According to an official release, GoI will have the option to retain an additional subscription up to Rs 6,000 crore against the above security/ securities.

The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on September 17. "Up to 5 per cent of the notified amount of the sale of the Securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities," the release said.

As per the 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 September 17. "The non-competitive bids should be submitted between 10.30 am and 11.00 am and the competitive bids should be submitted between 10.30 am and 11.30 am," it stated.

The result of the auctions will be announced on September 17, and payment by successful bidders will be on September 20. "The Securities 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/2018-19/25 dated July 24, 2018 as amended from time to time," added the Ministry.