The Government of India has announced the reissue sale of two dated securities with a combined notified amount of ₹32,000 crore. According to the latest reports from Reserve Bank of India (RBI), the auction includes ₹21,000 crore of 6.36% Government Security 2031 and ₹11,000 crore of 7.71% Government Security 2066. The securities will be issued/re-issued through the multiple price method, with both competitive and non-competitive bids required to be submitted electronically through the RBI's e-Kuber system.
Under the underwriting framework, each Primary Dealer will have a minimum underwriting commitment of ₹500 crore for the 6.36% Government Security 2031 and ₹262 crore for the 7.71% Government Security 2066, with equivalent minimum underwriting commitments under the Additional Competitive Underwriting auction. The underwriting auction will be conducted through a multiple price-based method on August 7, 2026, with Primary Dealers required to place bids for at least ₹500 crore (6.36% GS 2031) and ₹262 crore (7.71% GS 2066) for each security. The underwriting commission will be credited to their accounts on the day the securities are issued, as per the RBI's underwriting commitment scheme.
For individual and eligible institutional investors, up to 5% of the sale amount of each security will be allocated in the non-competitive segment. Retail investors can also place bids through the Retail Direct portal, while participation by non-resident investors will be subject to applicable guidelines. Successful securities will be credited to SGL/CSGL accounts and will be eligible for repo transactions. These securities will also be eligible for 'When Issued' trading from August 18, 2026, to August 21, 2026. Primary dealers can submit bids for the additional competitive underwriting portion from 9:00 AM to 9:30 AM on August 21, 2026.
The auction timeline shows non-competitive bids will be accepted electronically on the RBI e-Kuber system from 10:30 AM to 11:00 AM on August 21, 2026, while competitive bids will be accepted from 10:30 AM to 11:30 AM. Results will be announced the same day, and successful bidders must make payment on August 24, 2026. This reissue of securities offers the market an opportunity to participate in long-term government debt instruments, while assisting the RBI in conducting its scheduled borrowing program. The securities will be issued through the multiple price method, ensuring flexibility in debt management with a minimum bid of ₹10,000.
