Rs 30,000 crore worth of Government securities to be auctioned on December 1: Finance Ministry
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In a move to manage fiscal requirements, Finance Ministry has said that the central government will the auction (re-issue) three government securities, aiming to raise a cumulative amount of Rs 30,000 crore. The auctions, scheduled for December 1, will be facilitated by the Reserve Bank of India (RBI) at its Mumbai Office.
It stated the securities to be auctioned include the 7.37 per cent Government Security 2028 with a notified amount of Rs 7,000 crore, the 7.18 per cent Government Security 2033 with a notified amount of Rs 13,000 crore, and the 7.30 per cent Government Security 2053 with a notified amount of Rs 10,000 crore. The government reserves the option to retain additional subscriptions up to Rs 2,000 crore for each of the mentioned securities.
The bidding process will encompass both competitive and non-competitive bids, to be submitted electronically via the RBI Core Banking Solution (E-Kuber) system. Non-competitive bids are scheduled to be submitted between 10:30 a.m. and 11:00 a.m., while competitive bids will be accepted from 10:30 a.m. to 11:30 a.m. Eligible individuals and institutions can participate in the auction, with up to 5 per cent of the notified amount allotted for non-competitive bids.
