Auction sale announced for government stocks | Current Affairs, Current Affairs 2019

Auction sale announced for government stocks

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The Government of India has announced the Sale (Issue/Re-issue) of government stocks.

According to an official release, the sale for the following are announced (i) ‘New Government Stock 2024’for a notified amount of Rs.3,000 crore (nominal) through yield based auction, , (ii) ‘‘7.26 per cent Government Stock, 2029’ for a notified amount of Rs.4,000 crore (nominal) through price based auction, (iii) ‘8.24 per cent Government Stock, 2033’ for a notified amount of Rs.2,000 crore (nominal) through price based auction, and (iv) ‘7.72 per cent Government Stock, 2055’ for a notified amount of Rs.3,000 crore (nominal) through price based auction. Subject to the limit of Rs.12,000 crore, being total notified amount, GoI will have the option to retain additional subscription up to Rs.1,000 crore each against any one or more of the above securities. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India (RBI), Mumbai Office, Fort, Mumbai on January 25, 2019.

Up to 5 per cent of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 25, 2019. The non-competitive bids should be submitted between 11.30 a.m. and 12.00 noon and the competitive bids should be submitted between 11.30 a.m. and 12.30 p.m. The result of the auctions will be announced on January 25, 2019 (Friday) and payment by successful bidders will be on January 28, 2019.

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