Government of India announces auction to raise ₹34,000 crore through re-issuance of 6.94% GS 2036

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6.94% GS 2036 Auction Announcement

Highlights

The Government of India has issued an auction notification to raise ₹34,000 crore through the re-issuance of 6.94% GS 2036, including an additional subscription option of ₹2,000 crore.
The auction will be conducted on July 3, 2026 under the multiple price method on RBI’s e-Kuber system, with payment due on July 6, 2026.
‘When Issued’ trading will be available from June 30, 2026 to July 3, 2026, and up to 5% allocation per security for non-competitive bids will remain open for individual investors.

This article was translated from the original. Read the original version by our correspondent here.

Auction Terms and Timeline

According to the press release from the Reserve Bank of India, this sale is being conducted as a re-issuance of a dated government security named 6.94% GS 2036, maturing on May 11, 2036. The notified amount is ₹34,000 crore and the Government of India also has the option to retain an additional subscription of up to ₹2,000 crore against this security.

The sale of the security is conducted through the Mumbai office of the Reserve Bank of India, Fort, Mumbai. This issue is subject to the terms and conditions specified in the specific notification dated June 29, 2026 and the general notification dated March 26, 2025.

The auction will be held using the multiple price method. Both competitive and non-competitive bids must be submitted electronically on the Reserve Bank of India’s Core Banking Solution, e-Kuber system, on July 3, 2026; the window for non-competitive bids is from 10:30 AM to 11:00 AM and for competitive bids from 10:30 AM to 11:30 AM.

The results are announced the same day and successful bidders must make payment on July 6, 2026. For the additional competitive underwriting portion, Primary Dealers can submit bids from 09:00 AM to 09:30 AM.

Market Access and Investor Participation

This security is eligible for “When Issued” trading from June 30, 2026 to July 3, 2026, allowing market participants to discover prices and position themselves before allocation. Eligibility for repo transactions also applies, as specified in the relevant Reserve Bank of India guidelines.

Under the non-competitive bidding facility, up to 5% of the notified sale amount of each security is available for allocation to individual investors and eligible institutions. Individual investors can also submit bids through the Retail Direct portal, while banks and Primary Dealers submit a consolidated non-competitive bid on behalf of their clients.

The minimum bid size is set at ₹10,000 face value and in multiples of ₹10,000 thereafter. Participation by non-resident investors is subject to the Fully Accessible Route and the Reserve Bank’s guidelines on investment in government securities as issued from time to time.

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