India to Raise ₹34,000 Crore Through Reissue of 6.94% GS 2036

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6.94% GS 2036 Reissue

Highlights

The Government of India will raise ₹34,000 crore through a reissue of the 6.94% GS 2036 in an RBI multiple price auction on 13 November 2026.
The government is retaining the option to accept additional subscriptions of up to ₹2,000 crore, ensuring flexibility in its borrowing programme.
Retail investors can participate through the Retail Direct portal, and 5% of the total notified amount will be reserved for non-competitive allocation.

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

Auction Structure and Timeline

As stated in the press release issued by the Reserve Bank of India, the sale is being conducted as a reissue of a dated government security and will be settled on 16 November 2026. The security is the 6.94% GS 2036, which matures on 11 May 2036, and it will be sold through the Reserve Bank of India office in Mumbai.

The auction will be conducted using the multiple price method. Both competitive and non-competitive bids must be submitted electronically through the RBI's e-Kuber system on 13 November 2026. The window for non-competitive bids is 10:30 a.m. to 11:00 a.m., while competitive bids can be submitted from 10:30 a.m. to 11:30 a.m. The results will be announced on the same day.

Primary dealers may submit bids for the additional competitive underwriting portion from 9:00 a.m. to 9:30 a.m. on 13 November 2026. The security will also be eligible for “When Issued” trading from 11 November 2026 to 13 November 2026.

Market Participation and Investor Impact

In addition to the notified amount, the government retains the option to accept additional subscriptions of up to ₹2,000 crore against the security, giving it flexibility in managing its borrowing programme. As this is a reissue, the auction will be price-based, with successful bids accepted on the basis of the quoted yield or price, as applicable.

Under the RBI's operational guidelines, the minimum bid size is ₹10,000 nominal, with subsequent bids in multiples of ₹10,000. Individual and institutional eligible investors can receive an allocation of up to 5% of the notified sale amount in the non-competitive segment, and retail investors can also participate through the Retail Direct portal.

The security will be eligible for repo transactions, and investment by non-residents is also permitted, subject to the applicable guidelines. Successful bidders will receive the securities through credit to their SGL or CSGL accounts, streamlining settlement for banks, primary dealers and other eligible investors.

Our previous report highlighted trends in the central government's disinvestment programme, where most proceeds raised between 2016–2027 came through market-based routes such as ETFs, public offerings and buybacks, while strategic sales contributed a limited share. The article also noted that the IDBI Bank stake sale is an exception in this context and that its completion could push disinvestment receipts for the current year above the budget estimate.

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