PRESS NOTE

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SALE (RE-ISSUE OF "9.39 PER CENT GOVERNMENT STOCK, 2011" AND "10.18 PER CENT GOVERNMENT STOCK, 2026" THROUGH PRICE BASED AUCTION

Government of India have announced the sale (re-issue) of "9.39 per cent Government Stock, 2011" for a notified amount of Rs. 5,000 crore through a price based auction. Government of India have also announced the sale (re-issue) of "10.18 per cent Government Stock, 2026" for a notified amount of Rs. 2,000 crore through a price based auction. The auction will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on August 2, 2002 (Friday) using multiple price auction method.

UP to 5% of the notified amount of the sale of both the Stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Bids in the prescribed form obtainable From the Regional Director, Reserve Bank of India, Mumbai Office (Public Dept Office), Fort, Mumbai – 400 001 should be submitted to the Office on August 2, 2002 during banking hours. The competitive bids by the NDS members should be submitted only in electronic format using NDS, while all the non-competitive bids should be submitted in the prescribed physical form.

The results of the auction will be announced on August 2, 2002 and payment by successful bidders will be during banking hours on August 5, 2002 (Monday).