India looks to raise Rs33,000 crore in G-Sec auctions

On 2 Sep 2022; sale/re-issue of 6.69% GS 2024, 7.10% GS 2029, 7.26% GS 2032, 6.95% GS 2061

The Indian government is looking to raise at least Rs.33,000 crore through auctions of its government securities (G-Sec or GS) up to 2061.

In an official statement, the government said that the Reserve Bank of India (RBI) will conduct the auctions on Friday, 2 September 2022.

The details include sale (re-issue) of:

6.69% GS 2024 for a notified amount of Rs4,000 crore (nominal) through price-based auction using uniform price method.
7.10% GS 2029 for a notified amount of Rs7,000 crore (nominal) through price based auctionusing uniform price method.
7.26% GS 2032 for a notified amount of Rs13,000 crore (nominal) through price based auctionusing uniform price method.
6.95% GS 2061 for a notified amount of Rs9,000 crore (nominal) through price based auctionusing multiple price method.

The government said it could retain additional subscription up to Rs2,000 crore against each security.

Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions.

Auction results will be announced on the same day.