Also, RBI stated that the government will have the option to retain additional subscription up to Rs2000cr against each security.
In a notification, RBI said, both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 29, 2020. The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. The result will be announced on the same day and payment by successful bidders will have to be made on November 02, 2020 (Monday).
RBI said, the Stocks will be eligible for “When Issued” trading for a period commencing from October 26, 2020 – October 29, 2020.
The base rate for the coupon payment for the period ending March 21, 2021 shall be 3.48% per annum, as per RBI.