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

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

New Delhi, dated January 01, 2018

NOTIFICATION

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

F.No.4(7)W&M/2017:Government of India(GoI) hereby notifies sale (issue/re-issue) of the following Government Stocks:

Name of the Security

Date of Original Issue

Tenure
(yy-mm-dd)

Date of Maturity

Base

Method

Notified Amount
(in ? Crore)

6.84% GS 2022

Sep. 12, 2016

06-03-07

Dec. 19, 2022

Price

Multiple

5000

New GS of 10 year

Jan. 08, 2018

10-00-00

Jan. 08, 2028

Yield

Multiple

9000

7.73% GS 2034

Oct. 12, 2015

19-02-07

Dec. 19, 2034

Price

Multiple

2000

7.72% GS 2055

Oct. 26, 2015

40-00-00

Oct. 26, 2055

Price

Multiple

2000

Subject to the limit of Rs 18000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to Rs 1000 Cr against any of the above security. 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(13)–W&M/2008, dated October 8, 2008 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 
January 05, 2018. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 05, 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 
January 05, 2018. The payment by successful bidders will be on January 08, 2017 i.e. the date of issue/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 Stocks will be repaid at par on date of maturity.

Name of the Security

Coupon rate (%)

Date of Original Issue / Last Coupon payment

Date upto which accrued interest is due

Date of Coupon payments (month / date)

6.84% GS 2022

6.84

Dec. 19, 2017

January 07, 2018

June 19 and Dec 19

New GS of 10 year

Yield Based#

New Stock

New Stock

July 08 and Jan 08

7.73% GS 2034

7.73

Dec 19, 2017

January 07, 2018

June 19 and Dec 19

7.72% GS 2055

7.72

Oct 26, 2017

January 07, 2018

Apr 26 and Oct 26

# The coupon rate for the securities will be set at the cut-off yield to maturity rate decided in the auction. The interest will be payable half-yearly.

By Order of the President of India

(Prashant Goyal)
Joint Secretary to the Government of India

 

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