Govt. of India announces sale of floating rate bonds

ANI | Updated: Oct 30, 2017 18:50 IST

New Delhi [India], Oct. 30 (ANI): The Government of India has announced the sale (re-issue) of several floating rate bonds. The auctions will be conducted by the Reserve Bank of India (RBI) on November 3.

The auction which will be conducted using multiple price method, will reissue 'Government of India Floating Rate Bonds 2024' for a notified amount of Rs. 3,000 crore (nominal) through price based auction, '6.79 per cent Government Stock 2027' for a notified amount of Rs. 8,000 crore (nominal) through price based auction, '7.73 per cent Government Stock 2034' for a notified amount of Rs. 2,000 crore (nominal) through price based auction, and '6.62 percent Government Stock 2051' for a notified amount of Rs. 2,000 crore (nominal) through price based auction.

Subject to the limit of Rs. 15,000 crore, being total notified amount, the Government will have the option to retain additional subscription up to Rs. 1,000 crore against any of the above security.

Up to five percent 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 auction of the 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 November 3.

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 November 3 itslef and payment by successful bidders will be made on November 6. (ANI)

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