Government of India
Ministry of Finance
Department of Economic Affairs
Budget Division
New
Delhi, dated October 30, 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
|
6.62% GS 2051
|
Nov. 28, 2016
|
35-00-00
|
Nov. 28, 2051
|
Price
|
Multiple
|
2000
|
Subject to the limit of ?
15,000 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 November
03, 2017. Bids for the auction should
be submitted in electronic format on the Reserve Bank of India Core
Banking Solution (E-Kuber) system on November 03, 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 November 03, 2017. The payment by successful bidders will be on November 06, 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
|
November 5, 2017
|
Nov 07 and May 07
|
6.79% GS 2027
|
6.79
|
May 15, 2017
|
November 5, 2017
|
Nov 15 and May 15
|
7.73% GS 2034
|
7.73
|
June 19, 2017
|
November 5, 2017
|
Dec 19 and June 19
|
6.62% GS 2051
|
6.62
|
May 28, 2017
|
November 5, 2017
|
Nov 28 and May 28
|
*(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
|