Government of India Announces Re-Issuance of New Government Securities.


23 August 2024
The Government of India (GoI) has announced the re-issue of two government securities:
1. 7.10% GS 2034:
- Original Issue Date: April 8, 2024
- Maturity: April 8, 2034
- Base Method: Price
- Notified Amount: ?20,000 crore

 

 

2. 7.09% GS 2054:

- Original Issue Date: August 5, 2024
- Maturity: August 5, 2054
- Base Method: Price
- Notified Amount: ?10,000 crore

The GoI reserves the right to accept additional subscriptions up to ?2,000 crore for each security. The sale will be conducted by the Reserve Bank of India (RBI) in Mumbai on August 30, 2024, with non-competitive bids accepted from 10:30 a.m. to 11:00 a.m., and competitive bids from 10:30 a.m. to 11:30 a.m. Results will be published on the RBI website on the same day, with payments due on September 2, 2024.

Interest will be paid semi-annually, and the securities will be repaid at par on maturity. Non-competitive bids for up to 5% of the notified amount will be available for eligible retail investors, facilitated through designated Aggregators or directly through a Retail Direct Gilt (RDG) Account.

The non-competitive bidding scheme is designed to broaden participation, allowing individuals, firms, and other entities to participate without maintaining an account with the RBI, provided they go through an approved Aggregator or maintain an RDG Account. Each Aggregator can submit a consolidated bid on behalf of their clients, with allotments based on the weighted average rate from competitive bidding.