The auctions will be conducted using uniform price method. It will be conducted by the Reserve Bank of India in Mumbai on April 17.

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.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 17.

The result of the auctions will be announced on the same day and payment by successful bidders will be on April 21.