By Siddharthan Meganathan: Subscribe to Siddharthan's RSS feed
August 31, 2010 4:09 AM EDT
Government of India will sell three dated securities for 120 billion rupees on September 3, 2010, the Reserve Bank of India said in a report on Monday.
The Government of India have announced the sale of 7.46 percent Government Stock 2017 for a notified amount of 40 billion rupees, 8.08 percent Government Stock 2022 for a notified amount of 50 billion rupees and 8.30 percent Government Stock 2040 for a notified amount of 30 billion rupees through price based auctions.
The auctions will be conducted using uniform price method by the Reserve Bank of India on September 3, 2010.
Up to 5 percent 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 Negotiated Dealing System on September 3, 2010.
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The result of the auctions will be announced on September 3, 2010 and payment by successful bidders will be on September 6, 2010. The stocks will qualify for the ready forward facility.
The underwriting of the Government Securities under auctions by the ‘Primary Dealers’ will be as per the “Revised Scheme of Underwriting Commitment and Liquidity Support” announced by the Reserve Bank vide circular RBI/2007-08/186 dated November 14, 2007.
The Stocks will be eligible for “When Issued” trading for a period commencing from August 31-September 3, 2010 in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circulars as amended from time to time.
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