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Our Bureau

Mumbai , April 2

THE Reserve Bank of India has announced a Rs 2,000 crore auction of 91-day Government of India treasury bills to be held on April 7, 2004.

Of this Rs 1,500 crore will be under the Market Stabilisation Scheme (MSS) and Rs 500 crore under the regular auction calendar, said a press release.

The auction will be conducted using "Multiple Price Auction" method. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the Bank, the release said.

Tenders should be submitted in the prescribed form on Wednesday, April 7, before 1230 hours. The results will be announced the same evening. Payment by successful bidders will be on Saturday, April 10, 2004.

RBI has also announced a Rs 5,000 crore price based auction of the 6.18 per cent government stock 2005, on April 6, 2004. The sale (re-issue) of this security will be done using a multiple price method.

Up to 5 per cent of the notified amount of the sale of the stock will be allotted to eligible individuals and institutions as per the scheme for non-competitive bidding facility in the auction of government securities, said a press release.

The auction is not being offered for underwriting by the primary dealers in government securities, the release said.

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