The auctions will be conducted using uniform price method and by the Reserve Bank of India's Mumbai Office on May 23.

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 system on May 23.

The result of the auctions will be announced on May 23 and payment by successful bidders will be on May 26.