Govt to sell four dated securities for Rs 14,000 crore on September 2

The government will sell four dated securities for Rs 14,000 crore on September 2 and the result of the auctions will be announced on the same day.

"The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India...," the Finance Ministry said in a statement.

Up to 5% of the notified amount of the sale of 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.

"The result of the auctions will be announced on September 2, 2016, and the payment by successful bidders will be on September 6, 2016 (Tuesday)," it added.

It further said that both competitive and non-competitive bids for the auction should be submitted in electronic format on the RBI Core Banking Solution (E-Kuber) system on September 2.

The stocks will be eligible for 'When Issued' trading in accordance with the guidelines on 'When Issued transactions in Central Government Securities'.