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Government to auction stocks worth Rs.500 crore on Jan.29.

New Delhi, Jan.23 ( ANI ): The Government of India have announced the sale/re-issue of 1.44 per cent of inflation indexed government stock-2023" for a notified amount of Rs. 500 crore through a price based auction.

The auction will be conducted using uniform price method and conducted by the Reserve Bank of India(RBI) in Mumbai on January 29.

Up to 20 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.

An official release by the Ministry of Fiance said that 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 29, 2014.

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, the release said.

The result of the auction will be announced on January 29 and payment by successful bidders will be on January 30.

The sale/re-issue of government stocks would be issued within the budgeted government market borrowing programme (about Rs.5,79,000 crore) for 2013-14 and indicative calendar for the marketable dated securities for the second half of 2013-14, the release further stated. ( ANI )

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Publication:Asian News International
Geographic Code:9INDI
Date:Jan 23, 2014
Words:250
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