Government
of India
Ministry of Finance
Department of Economic Affairs
Budget Division
New
Delhi, dated October 9, 2017
NOTIFICATION
Auction
for Sale (Re-issue) of Government Stock (GS)
F.No.4(7)W&M/2017:
Government of India hereby notifies sale (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)
|
GoI FRB 2024
|
Nov 07, 2016
|
08-00-00
|
Nov 07, 2024
|
Price
|
Multiple
|
3000
|
6.79% GS 2027
|
May 15, 2017
|
10-00-00
|
May 15, 2027
|
Price
|
Multiple
|
8000
|
7.73% GS 2034
|
Oct. 12, 2015
|
19-02-07
|
Dec. 19, 2034
|
Price
|
Multiple
|
2000
|
7.06% GS 2046
|
Oct. 10, 2016
|
30-00-00
|
Oct. 10, 2046
|
Price
|
Multiple
|
2000
|
Subject to the limit of ? 15000
Cr, being total notified amount, GoI will have the option to retain
additional subscription up to ? 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 October 13, 2017.
Bids for the auction should be submitted in electronic format on the
Reserve Bank of India Core Banking Solution (E-Kuber) system on October 13, 2017.
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 13, 2017. The payment by successful bidders will be on October 16, 2017 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 / last coupon payment
and will be paid half yearly. The Stock 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)
|
GoI FRB 2024
|
Variable*
|
May 07, 2017
|
October 15, 2017
|
Nov 07 and May 07
|
6.79% GS 2027
|
6.79
|
May 15, 2017
|
October 15, 2017
|
Nov 15 and May 15
|
7.73% GS 2034
|
7.73
|
June 19, 2017
|
October 15, 2017
|
Dec 19 and June 19
|
7.06% GS 2046
|
7.06
|
Oct 10, 2017
|
October 15, 2017
|
Oct 10 and April 10
|
*(i) The interest at a variable
rate will be paid every half-yearly.
(ii) The variable coupon rate
for payment of interest on subsequent semi-annual period shall be the
average rate rounded off up to two decimal places, of the implicit yields at the cut-off prices of the last
three auctions of Government of India 182 day Treasury Bills, held up to
the commencement of the respective semi-annual coupon period. The implicit yields will be computed by reckoning 365
days in a year.
(iii) In the event of Government
of India 182-day Treasury Bill auctions being discontinued during the
currency of the Bonds, the coupon rate will be the average of Yield to
Maturity (YTM) rates prevailing for six month Government of India
Security/ies as on the last three non-reporting Fridays prior to the
commencement of the semi-annual coupon period. In case particular Friday/s
is/are holiday/s, the yield to maturity rates as on the previous working
day shall be taken.
(iv) The rate of interest
payable half yearly on the Bonds during the subsequent years shall be
announced by the Reserve Bank of India before the commencement of the
relative semi-annual coupon period.
By
Order of the President of India
(Prashant
Goyal)
Joint Secretary to the
Government of India
|