Government of India invites underwriting bids for government securities worth ₹28,000 crore in the July 24 auction

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Parshwa Turakhiya

23.07.2026

Government of India invites underwriting bids for government securities worth ₹28,000 crore in the July 24 auction — ₹28,000 crore auction

The Government of India is conducting an underwriting auction on July 24, 2026, for the sale of government securities worth ₹28,000 crore. This offering includes the new GS 2041 and 7.43% GS 2076, with minimum underwriting and additional competitive underwriting obligations set for primary dealers.

Highlights

The Government of India will invite bids for underwriting government securities worth ₹28,000 crore through a multiple price auction on July 24, 2026.
The notified amount for this issue is set at ₹17,000 crore for the new GS 2041 and ₹11,000 crore for the 7.43% GS 2076.
Each primary dealer will be required to make a minimum underwriting commitment of ₹405 crore and ₹262 crore for the new GS 2041 and 7.43% GS 2076, respectively.

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

Auction Structure and Bidding Schedule

According to the Reserve Bank of India’s press release (Reserve Bank of India), the underwriting auction will be held on Friday, July 24, 2026, using a multiple price method. Primary dealers can electronically submit their bids for the ACU auction via the Reserve Bank of India Core Banking Solution, e-Kuber system, between 09:00 and 09:30 AM on the same day.

The notified amount for this issue is ₹17,000 crore for the new GS 2041 and ₹11,000 crore for the 7.43% GS 2076. Each primary dealer is required to commit a Minimum Underwriting Commitment (MUC) of ₹405 crore and a minimum ACU bid of ₹405 crore for the new GS 2041, while for the 7.43% GS 2076, the amounts are ₹262 crore and ₹262 crore, respectively.

Obligations for Primary Dealers and Market Impact

This minimum underwriting commitment framework is implemented under the existing structure notified on November 14, 2007. It ensures demand support for the government’s borrowing program and provides a clear framework for primary dealer participation.

The underwriting commission is credited to the current account of the respective primary dealers with the RBI on the day of the securities’ issuance. This process helps streamline issue management, price discovery, and investor distribution in the government securities market.

Our previous report discussed the changes to the Nifty SDL Jul 2026 Index effective from July 27, 2026, including the inclusion of 91 DTB 30,072,026 (ISIN IN2,026X40) in the index and the arrangement to reinvest redemption proceeds in the CCIL TREPS overnight rate if the last T-Bill matures before the index maturity. This update is significant for fixed income investors in terms of pre-maturity cash management and maintaining a stable return profile.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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