Government Announces Auction of Dated Securities Worth ₹28,000 Crore on June 25

Re-issuance of Long-Duration Dated Securities

The Government of India has announced the sale (re-issue) of two dated securities for an aggregate notified amount of ₹28,000 crore on June 25, 2026. The auction, managed by the Reserve Bank of India (RBI) on behalf of the government, features long-duration papers intended to secure capital funding and manage the national debt profile. The first security is the 6.68% Government Stock (GS) 2040, which has a notified amount of ₹17,000 crore. The second is the ultra-long-term 7.43% Government Stock (GS) 2076, for a notified amount of ₹11,000 crore. The government retains the option to absorb an additional ₹2,000 crore per security under a green shoe option, bringing the potential total borrowing to ₹32,000 crore.

Auction Method, Underwriting, and Bidding Windows

The auction will adhere to the following operational parameters and schedules:

• Multiple Price Method: The auction will be conducted under the multiple price-based method, where successful bidders pay the yields or prices they bid.
• Primary Dealers Underwriting: Primary Dealers (PDs) must submit their underwriting bids via the e-Kuber portal on the morning of June 25, 2026. The underwriting commitments help stabilize the auction against under-subscription risks.
• Bidding Windows: The bidding window for the non-competitive segment (allowing retail participation up to 5% of the notified amount) will open from 10:30 a.m. to 11:00 a.m. The competitive bidding window for institutional players will open from 10:30 a.m. to 11:30 a.m.
• Settlement Date: Successful bids will be settled on June 29, 2026.

Price Discovery and Investor Eligibility

To assist market participants in price discovery, "When Issued" trading in the securities is permitted from June 23 to June 25, 2026, in accordance with RBI guidelines. The long-duration dated securities are highly liquid assets that qualify for banks' Statutory Liquidity Ratio (SLR) requirements. Furthermore, foreign portfolio investors (FPIs) and non-resident individuals are eligible to bid for these securities under the Fully Accessible Route (FAR), supporting international participation in India's sovereign debt market.