Ministry of Finance
Department of Economic Affairs
Delhi, dated August 22, 2016
for Sale (Re-issue) of 7.68 per cent Government Stock 2023
F. No.4 (3)-W&M/2016:
Government of India hereby notifies sale of 7.68 per cent Government Stock 2023’ (hereinafter called 'the Stock') for an aggregate
amount of ? 2,000 crore (nominal).The sale will be subject to the
terms and conditions spelt out in this notification (called ‘Specific
Notification’) as also 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.
Method of Issue
2. The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort,
Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General
Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.
Allotment to Non-competitive
3. 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
Place and date of auction
4. The auction will be conducted by Reserve Bank of India, Mumbai Office,
Fort, Mumbai-400 001 on August
26, 2016. Bids for the auction should be
submitted in electronic format on the Reserve Bank of India Core Banking
Solution (E-Kuber) system on August
26, 2016. 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
5. The Stock will be eligible for “When Issued” trading in accordance with
the guidelines issued by the Reserve Bank of India.
6. The Government Stock will be of ‘8 year, 7 months and 19 days” tenure
commencing from April 27,
2015. The Stock will be repaid at par
on December 15, 2023.
Date of issue and payment for the
7. The result of the auction shall be displayed by the Reserve Bank of India
at its Fort, Mumbai Office on August
26, 2016. The payment by successful
bidders will be on August 29,
2016. i.e. the date of re-issue. The
payment for the Stock will include accrued interest on the nominal value of
the Stock allotted in the auction from the date of last coupon payment i.e June 15, 2016 to August 28, 2016.
8. Interest at the rate of 7.68 per cent per annum will accrue on the nominal value
of the Stock from date of last coupon payment and will be paid half-yearly on
December 15 and June 15.
Order of the President of India
Joint Secretary to the Government of India