Result of Yield/ Price Based Auction of State Government Securities

**Executive Summary** This press release, dated December 23, 2025, presents the results of a yield/price-based auction of State Government Securities (SGS). The auction included securities from 15 states/UTs with varying tenors. The purpose of the auction was to raise funds for the participating states. **Key Points / Main Content** * **Auction Overview:** * The auction included State Government Securities (SGS) from 15 states/UTs. * The total amount to be raised was ₹33,220 Crore, while the total amount accepted was ₹33,720 Crore. * Gujarat accepted an additional amount of ₹500 Crore in the 06-year security. * **State-Specific Results (₹ Crore):** * Bihar: Amount raised ₹1500, Accepted ₹1500, Cut off Yield 7.65%, Tenor 08 years. * Gujarat: Amount raised ₹1500, Accepted ₹1500, Cut off Yield 7.07%, Tenor 05 years. * Haryana: Amount raised ₹1000, Accepted ₹1000, Cut off Yield 6.4731%, Re-issue of 8.62% Haryana SDL 2028, issued on September 03, 2018, Tenor 20 years. * Jammu and Kashmir: Amount raised ₹570, Accepted ₹570, Cut off Yield 7.60%, Tenor 20 years. * Karnataka: Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.19%, Tenor 06 years and 06 months. Amount raised ₹2000, Accepted ₹2000, Cut off Yield 7.32%, Tenor 08 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.42%, Tenor 10 years. Amount raised ₹2000, Accepted ₹2000, Cut off Yield 7.52%, Tenor 12 years. * Kerala: Amount raised ₹1850, Accepted ₹1850, Cut off Yield 7.60%, Tenor 17 years. * Maharashtra: Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.3467%, Re-issue of 7.29% Maharashtra SGS 2035, issued on December 10, 2025, Tenor 07 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.5396%, Re-issue of 7.43% Maharashtra SGS 2040, issued on December 03, 2025, Tenor 11 years. * Odisha: Amount raised ₹500, Accepted ₹500, Cut off Yield 7.24%, Tenor 07 years. Amount raised ₹500, Accepted ₹500, Cut off Yield 7.47%, Tenor 11 years. * Punjab: Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.7195%, Re-issue of 7.49% Punjab SGS 2035, issued on December 03, 2025, Tenor 10 years. * Rajasthan: Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.54%, Tenor 10 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.54%, Tenor 11 years. * Tamil Nadu: Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.34%, Tenor 09 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.47%, Tenor 11 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.2410%, Re-issue of 7.16% Tamil Nadu SGS 2032, issued on December 17, 2025, Tenor 09 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.4206%, Re-issue of 7.23% Tamil Nadu SGS 2035, issued on December 17, 2025, Tenor 10 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.5591%, Re-issue of 7.45% Tamil Nadu SGS 2055, issued on December 17, 2025, Tenor 30 years. * Telangana: Amount raised ₹500, Accepted ₹500, Cut off Yield 7.60%, Tenor 17 years. Amount raised ₹800, Accepted ₹800, Cut off Yield 7.59%, Tenor 23 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.58%, Tenor 28 years. * Uttar Pradesh: Amount raised ₹1500, Accepted ₹1500, Cut off Yield 7.59%, Tenor 16 years. Amount raised ₹500, Accepted ₹500, Cut off Yield 7.3198%, Re-issue of 7.24% Uttar Pradesh SGS 2033, issued on December 10, 2025, Tenor 08 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.6201%, Re-issue of 7.51% Uttar Pradesh SGS 2039, issued on December 17, 2025, Tenor 14 years. * Uttarakhand: Amount raised ₹500, Accepted ₹500, Cut off Yield 7.64%, Tenor 07 years. * West Bengal: Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.62%, Tenor 16 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.60%, Tenor 20 years. Amount raised ₹1000, Accepted ₹1000, Cut off Yield 7.59%, Tenor 22 years. **Impact Analysis** **Participating State Governments** * **Impact:** Increased funding through the issuance of State Government Securities. * **Action Required:** Manage funds raised according to budgetary and developmental needs. **Investors** * **Impact:** Opportunity to invest in State Government Securities with varying yields and tenors. * **Action Required:** Monitor investments and returns on State Government Securities. **Reserve Bank of India (RBI)** * **Impact:** Facilitates the borrowing program of State Governments through auctions. * **Action Required:** Oversee the auction process and ensure compliance with regulations.

Key Entities Referenced