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Auction for Sale (Re-issue) of Government Stock (GS)

Government of India
Ministry of Finance
Department of Economic Affairs
Budget Division

New Delhi, dated October 22, 2018

NOTIFICATION

Auction for Sale (Re-issue) of Government Stock (GS)

F.No.4(6)W&M/2018: Government of India(GoI) hereby notifies sale (re-issue) of the following Government Stocks:

Name of the SecurityDate of Original IssueTenure
(yy-mm-dd)
Date of MaturityBaseMethodNotified Amount
(in ? Crore)
7.37% GS 2023Apr 16, 201805-00-00Apr 16, 2023PriceMultiple3,000
7.95% GS 2032Aug 28, 200230-00-00Aug 28, 2032PriceMultiple3,000
7.40% GS 2035Sep 09, 200530-00-00Sep 09, 2035PriceMultiple2,000
8.13% GS 2045Jun 22, 201530-00-00Jun 22, 2045PriceMultiple3,000

Subject to the limit of ? 11000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to ? 1000 Cr each against any one or more of the above securities. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 as per the terms and conditions specified in the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.

Allotment to Non-competitive Bidders
2. The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Place and date of auction
3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai -400 001 on October 26, 2018. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 26, 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.

When Issued Trading
4. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

Date of issue and payment for the stock
5. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on October 26, 2018. The payment by successful bidders will be on October 29, 2018 i.e. the date of re-issue. The payment for the stocks will include accrued interest on the nominal value of the Stock allotted in the auction from the date of original issue / last coupon payment date to the date upto which accrued interest is due as mentioned in the table in para 6.

Payment of Interest and Re-payment of Stock

6. Interest will accrue on the nominal value of the Stock from the date of original issue / last coupon payment and will be paid half yearly. The Stock will be repaid at par on date of maturity.

Name of the SecurityCoupon rate
(%)
Date of Last Coupon paymentDate upto which accrued interest is dueDate of Coupon payments
(month / date)
7.37% GS 20237.37Oct 16, 2018October 28, 2018Apr 16 and Oct 16
7.95% GS 20327.95Aug 28, 2018October 28, 2018Feb 28 and Aug 28
7.40% GS 20357.40Sep 09, 2018October 28, 2018Mar 09 and Sep 09
8.13% GS 20458.13Jun 22, 2018October 28, 2018Dec 22 and Jun 22

By Order of the President of India

(Arvind Shrivastava)
Joint Secretary to the Government of India