The Government of India has announced auction of 11.90 per cent Government Stock, 2007 for an aggregate amount of Rs. 2,500 crore.

The auction will be price based and will be conducted by the Reserve Bank of India (RBI) at Mumbai on Thursday, July 1, 1999. Bids, in the prescribed form obtained from Chief General Manager, RBI, Public Debt Office, Fort, Mumbai should be submitted on Thursday, July 1, 1999 during banking hours. On the basis of bids received, RBI will determine the minimum price at which offers will be accepted. The results of the auction will be announced on July 1, 1999 and payment by successful bidders will be during banking hours on July 2, 1999. The stock will qualify for the ready forward facility.