**Executive Summary**
This document presents the results of a yield/price-based auction of State Government Securities, held on December 23, 2025. It details the amount to be raised, the amount accepted, the cut-off price/yield, and the tenor for various states/UTs. It includes re-issues of securities, with specific dates for some.
**Key Points / Main Content**
* **Auction Details**
* The auction was yield/price based for State Government Securities.
* Total amount to be raised: ₹33,220 Crore.
* Total amount accepted: ₹33,720 Crore.
* **State-Specific Results**
* Bihar: ₹1500 Crore accepted at 7.65% yield, tenor of 8 years.
* Gujarat: ₹1500 Crore accepted at 7.07% yield, tenor of 5 years.
* Haryana: ₹1000 Crore accepted at ₹105.21/6.4731 yield, re-issue of 8.62% Haryana SDL 2028, issued on September 03, 2018, tenor of 20 years.
* Jammu and Kashmir: ₹570 Crore accepted at 7.60% yield, tenor of 20 years.
* Karnataka: ₹1000 Crore accepted at 7.19% yield, tenor of 6 years and 6 months.
* Kerala: ₹1850 Crore accepted at 7.60% yield, tenor of 17 years.
* Maharashtra: ₹1000 Crore accepted at ₹99.60/7.3467 yield, re-issue of 7.29% Maharashtra SGS 2035, issued on December 10, 2025, tenor of 7 years.
* Odisha: ₹500 Crore accepted at 7.24% yield, tenor of 7 years.
* Punjab: ₹1000 Crore accepted at ₹98.42/7.7195 yield, re-issue of 7.49% Punjab SGS 2035, issued on December 03, 2025, tenor of 10 years.
* Rajasthan: ₹1000 Crore accepted at 7.54% yield, tenor of 10 years.
* Tamil Nadu: ₹1000 Crore accepted at 7.34% yield, tenor of 9 years.
* Telangana: ₹500 Crore accepted at 7.60% yield, tenor of 17 years.
* Uttar Pradesh: ₹1500 Crore accepted at 7.59% yield, tenor of 16 years.
* Uttarakhand: ₹500 Crore accepted at 7.64% yield, tenor of 7 years.
* West Bengal: ₹1000 Crore accepted at 7.62% yield, tenor of 16 years.
* **Re-issue Details**
* Several states had re-issues of existing securities with varying tenors and yields, specifically mentioning the original issue dates in December 2025.
**Impact Analysis**
**States/UTs**
* **Impact:** States are affected by the accepted amounts, yields, and tenors determined by the auction. This influences their borrowing costs and debt management.
* **Action Required:** States must manage their finances based on the auction results and the terms of the securities sold.
**Investors**
* **Impact:** Investors are impacted by the yields and prices at which they acquired the State Government Securities, influencing their investment returns.
* **Action Required:** Investors will receive returns based on the agreed-upon yield and tenor.
**Reserve Bank of India (RBI)**
* **Impact:** RBI is impacted through its role in conducting and overseeing the auction process.
* **Action Required:** RBI is expected to monitor and manage the overall state government securities market.
Key Entities Referenced
State Government Securities: Securities issued by State Governments, auctioned by the Reserve Bank of India.
Reserve Bank of India: Conducts auctions of State Government Securities.
SGS: State Government Securities
Tamil Nadu: One of the states involved in the issuance and re-issuance of SGS
Uttar Pradesh: One of the states involved in the issuance and re-issuance of SGS