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RBI-Auction of State Government Securities Oct 17, 2019
October, 18th 2019

The following State Governments have offered to sell security by way of auction for an aggregate amount of 14657 Cr. (Face Value).

Sr. No. State Amount to be raised
( Cr)
Tenure
(Yrs.)
Type of Auction
1. Andhra Pradesh 1000 10 Yield
2. Assam 500 10 Yield
3. Bihar 1042 10 Yield
4. Goa 100 10 Yield
5. Gujarat# 2000 8 Yield
6. Karnataka 1200 10 Yield
1000 Re-issue Re-issue of 07.15% Karnataka SDL 2028 issued on October 09, 2019
7. Maharashtra 3000 10 Yield
8. Odisha 500 4 Yield
9. Puducherry 200 10 Yield
10. Tamil Nadu 500 Re-issue Re-issue of 06.50% Tamil Nadu SDL 2023 issued on October 16, 2019
1000 Re-issue Re-issue of 06.70% Tamil Nadu SDL 2024 issued on October 16, 2019
11. Tripura 615 10 Yield
12. Uttar Pradesh 2000 10 Yield
  Total 14657    
# Gujarat will have an option to retain additional amount up to 500 crore

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 22, 2019 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility (available on RBI website).

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 October 22, 2019 (Tuesday). 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.

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595414, 022-27595666). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield/minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of 10,000.00 and multiples of 10,000.00 thereafter.

The results of the auction will be announced on October 22, 2019 (Tuesday) and payment by successful bidders will be made during banking hours on October 23, 2019 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on April 23 and October 23 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad
Director  

Press Release : 2019-2020/978

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