RBI to conduct OMO auction sale on October 23, 2003

The Reserve Bank of India has decided to offer from its investment portfolio the following security for sale on Auction basis on October 23, 2003.

• 4.83% GOI 2006 to be sold on auction basis for up to Rs 3500 crore

The application form together with the terms and conditions of the auction may be obtained from the Chief General Manager, Internal Debt Management Department, Reserve Bank of India, 16^th Floor, Central Office Building, Mumbai or from the Public Debt Office, Reserve Bank of India, Mumbai Office.

The bids may be tendered in electronic format using the NDS or may be deposited in the tender box specially kept for the purpose at Reserve Bank of India, Fort, Mumbai on October 23, 2003 up to 12.30 pm.

The auction will be conducted on multiple price basis. Minimum bid amount should be Rs. One crore (face Value) and multiples of Rs. one crore thereafter. On the basis of the tenders received, the RBI will determine the minimum price upto which tenders for sale of Government securities will be accepted at the auction. The results of the auction will be displayed at Reserve Bank of India, Fort, Mumbai. The settlement will be on October 24, 2003. Reserve Bank has the right to accept or reject any or all the bids either wholly or partially if deemed fit without assigning any reason.