On July 11, the Ministry of Finance announced the Government of India would auction four gilts worth Rs 32,000 crore on July 15.

According to official release, this includes Rs 9,000 crore for “7.38% government securities in 2027”, Rs 4,000 crore for “GoI floating rate bonds in 2028”, Rs 10,000 crore for “7.54% government securities in 2036” and Rs 9,000 crore for “6.99%”.

It added that the Phnom Penh auctions in 2027, 2028 and 2036 will be conducted through the “uniform price method”, while the 2051 Phnom Penh auction will be conducted through the “multiple price method”.

“The Government of India may choose to set aside an additional subscription amount of up to Rs 2,000 crore for each of the securities as mentioned earlier,” the finance ministry said.

The Reserve Bank of India (RBI) Mumbai office will conduct the auction. “Auction results will be announced on July 15, 2022, and the winning bidder will be paid on July 18, 2022,” the press release added.

It said that under the “non-competitive bidding mechanism for government securities auctions”, up to 5% of the securities sale notification amount will be allocated to eligible individuals and institutions.

Both bids and non-bids should be submitted in electronic format on the RBI Core Banking Solutions (E-Kuber) system by July 15.

“Non-competitive bids should be submitted between 10.30 am and 11.00 am, and competitive bids should be submitted between 10.30 am and 11.30 am,” the Treasury further said.