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Friday, Aug 26, 2005

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Govt stock sale oversubscribed

Our Bureau

Mumbai , Aug 25

The auction of Rs 6,000-crore 11.90 per cent Government Stock 2007 was oversubscribed on Thursday.

The bond prices rose by about five paise as the cut-off price was as per market expectations.

For the 11.90 per cent paper, the notified amount was Rs 6,000 crore. The Reserve Bank of India received 154 competitive bids amounting to Rs 9,214 crore. The cut-off price was Rs 109.59 (5.04 per cent YTM). The RBI accepted 101 bids amounting to Rs 5,995.41 crore.

The partial allotment percentage amounted to 24.86 per cent from seven bids.

The amount of underwriting accepted from primary dealers was Rs 6,000 crore. The weighted average price was Rs 109.63. The RBI also received four non-competitive bids amounting to Rs 4.59 crore.

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