The sale or auction of floating bonds shall be conducted by the central bank on January 25, 2018 using multiple prices methods. The reissue or sale of "Floating Rate Bonds 2024" for a notified amount of Rs 3,000 crore (nominal) shall be performed the results of which shall be declared on the day of sale and the payment by successful bidders will have to be made on January 29, 2018.
Additionally sale of 7.17% govt stock, 2028 for an amount of Rs. 8000 crore via price based auctions shall also be carried on. At the same time, the govt will have the option to retain oversubscription of Rs. 1000 crore against either or more of the above specified securities.
In the auction, as per the non-competitive bidding facility scheme, a proportion equal to 5% is earmarked for individuals who are eligible and other institutions.
The bidding has to be submitted through both the competitive and non-competitive bids via electronic method on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 25.