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The first tranche of the Sovereign Gold Bond (SGB) received subscriptions worth ₹246 crore with 9.15 lakh grams, according to the RBI. Subscriptions opened on November 5 and closed on November 20. The bonds were issued on November 30.
“Total subscription denominated in units of Gold was 9,15,953 grams, amounting to ₹246 crore…The top ten receiving offices in terms of subscription amount were HDFC Bank, ICICI Bank, YES Bank, Allahabad Bank, Bank Of India, Andhra Bank, Karur Vysya Bank, DCB Bank, State Bank of India and Federal Bank,” the RBI said on its website. In view of the encouraging investor response to the first tranche, further tranches of SGB will be announced by the Government in due course, the central bank added.
In consultation with the Centre, the RBI had launched SGBs in an effort to reduce demand for physical gold by providing an alternative investment instrument linked to gold. The bonds were sold through scheduled commercial banks and designated post offices.
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