Non-Competitive Bidding

Government of India have announced the sale (re-issue) of "7.37 per cent Government Stock 2014" for a notified amount of Rs. 5,000 crore (nominal), "6.05 per cent Government Stock 2019" for a notified amount of Rs. 4,000 crore (nominal), and " 6.13 per cent Government Stock 2028" for a notified amount of Rs. 3,000 crore (nominal). The Government Stocks will be sold through price based auctions using multiple price method. Securities will be issued for a minimum nominal amount of Rs.10,000/-and in multiples of Rs.10,000/- thereafter. Auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on Tuesday, July 1, 2003.

2. Interested persons may submit bids in the prescribed form obtainable from the Regional Director, RBI, Public Debt Office, Fort, Mumbai on July 1, 2003 in sealed cover superscribed "Tender for 7.37 per cent Government Stock 2014 - Auction dated July 1, 2003" or "Tender for 6.05 per cent Government Stock 2019- Auction dated July 1, 2003" or "Tender for 6.13 per cent Government Stock 2028 – Auction dated July 1, 2003" (as the case may be) and deposit them in the appropriate tender box at RBI, Fort, Mumbai. The competitive bids by the NDS members should be submitted only in electronic format using NDS while all the non-competitive bids should be submitted in the prescribed physical form. All bids should be submitted
 by 12.30 P.M.

3. The price per cent expected by the bidder should be expressed up to two decimal points. An investor can submit more than one bid at different prices, but a separate application should be submitted for each bid. The aggregate amount of bids submitted by a person in an auction should not exceed the notified amount of that auction.

4. The results of the auctions will be displayed at RBI, Mumbai Office, Fort, Mumbai on Tuesday, July 1, 2003. Successful bidders should deposit with that Office the price amount of Government Stock(s) covered by their successful bids on July 2, 2003 by 2.30 p.m. in cash or by cheque on their account with RBI, Mumbai or by Banker's Pay Order.

5. The Government Stocks will bear interest at the rate of 7.37, 6.05 and 6.13 percent per annum respectively. Interest on the Government Stocks will be paid half-yearly. The Stocks will be governed by the provisions of Public Debt Act, 1944 and the rules framed thereunder.

6. The Stocks will be eligible for ready forward facility.

7. For further details, Government of India Notifications No. 4(8) -W&M/2003, No. 4(8) -W&M/2003(i) and No.4(8)-W&M/2003 (ii) dated June 26, 2003 may be seen.