**Executive Summary**
This document presents the full auction results for State Government Securities (SGS) held on December 23, 2025. The press release details the notified amounts, tenors, and the results of both competitive and non-competitive bids for various states and securities. It specifies the weighted average yield and total allotment amount for each security.
**Key Points / Main Content**
* **Auction Overview**
* The auction included SGS from multiple states with varying tenors.
* The document provides data on both competitive and non-competitive bids.
* **Competitive Bids**
* Number of bids received and accepted.
* Total amount of bids received and accepted.
* Cut-off yield and price for each security.
* Partial allotment percentage for competitive bids.
* **Non-Competitive Bids**
* Number of bids received and accepted.
* Total amount of bids received and accepted.
* Non-competitive price for each security.
* Partial allotment percentage for non-competitive bids.
* **Weighted Average Yield and Total Allotment**
* The weighted average yield (%) is provided for each SGS.
* The total allotment amount is specified for each SGS.
* **State Specifics**
* Provides specific results for the following states: Bihar, Gujarat, Haryana, Jammu and Kashmir UT, Karnataka, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal
* Each state's SGS is detailed separately, with information on tenors, notified amounts, and auction outcomes.
* **Additional Amount for Gujarat**
* Gujarat accepted an additional ₹500 Crore in the 6-year security.
**Impact Analysis**
**Stakeholders:** State Governments
**Impact:**
The state governments will be affected by the outcome of the auction of their securities. This outcome defines the cost at which they have raised funds and is impacted by market response.
**Action Required:**
State Governments are not explicitly required to perform any action in the document. They will need to manage their finances based on the auction results.
Key Entities Referenced
State Government Securities : Primary subject of the document, detailing auction results
Reserve Bank of India : Publisher of the press release regarding auction results
Haryana : State whose SDLs were re-issued
Bihar : State whose SGS' auction results are listed
Gujarat : State whose SGS' auction results are listed
See Full Document Text
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
December 23, 2025
State Government Securities - Full Auction Result
The result of the auction of State Government Securities held on December 23, 2025,
is as under:
(Amount in ₹ Crore)
BIHAR GUJARAT GUJARAT HARYANA
SGS 2033 SGS 2030 SGS 2031* SDL 2028
Notified Amount 1500 1500 1000 1000
Tenor 8 -Years 5 -Years 6 -Years Re-issue of
8.62% HARYANA
SDL 2028 issued
on 03-SEP-2018
Competitive Bids
Received
(i) No. 60 56 50 20
(ii) Amount 4820 8095 5765 3070
Cut-off Yield (%) 7.65 7.07 7.16 6.4731
Cut off Price (₹) 100 100 100 105.21
Competitive Bids
Accepted
(i) No. 40 16 10 1
(ii) Amount 1408.069 1475.368 1484.800 971.717
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 62.4885 43.7692 98.1209 97.1717
(ii) No. 6 5 4 1
Non - Competitive
Bids Received
(i) No. 11 6 3 7
(ii) Amount 91.931 24.632 15.200 28.283
Non-Competitive Price 100.26 100.03 100.03 105.21
(₹)
Non-Competitive Bids
Accepted
(i) No. 11 6 3 7
(ii) Amount 91.931 24.632 15.200 28.283
Partial Allotment
Percentage of
Non-Competitive Bids
Percentage
Weighted Average 7.6059 7.0619 7.1548 6.4731
Yield (%)
Total Allotment 1500 1500 1500 1000
Amount2
JAMMU AND KARNATAKA KARNATAKA KARNATAKA
KASHMIR UT SGS 2032 SGS 2033 SGS 2035
SGS 2045
Notified Amount 570 1000 2000 1000
Tenor 20 -Years 6 -Years 8 -Years 10 -Years
6 -Months
Competitive Bids Received
(i) No. 55 49 45 48
(ii) Amount 2242.50 6556.25 8170 4640
Cut-off Yield (%) 7.60 7.19 7.32 7.42
Cut off Price (₹) 100 100 100 100
Competitive Bids Accepted
(i) No. 1 5 5 9
(ii) Amount 563.864 994.970 1931.477 915.410
Partial Allotment Percentage
of Competitive Bids
(i) Percentage 98.9235 98.7471 40.4990 73.9527
(ii) No. 1 3 2 3
Non - Competitive Bids
Received
(i) No. 3 3 8 10
(ii) Amount 6.136 5.030 68.523 84.590
Non-Competitive Price (₹) 100 100.04 100.05 100.07
Non-Competitive Bids
Accepted
(i) No. 3 3 8 10
(ii) Amount 6.136 5.030 68.523 84.590
Partial Allotment Percentage
of Non-Competitive Bids
Percentage
Weighted Average Yield (%) 7.6000 7.1825 7.3109 7.4101
Total Allotment Amount 570 1000 2000 10003
KARNATAKA KERALA SGS MAHARASHTRA MAHARASHTRA
SGS 2037 2042 SGS 2035 SGS 2040
N otified Amount 2000 1850 1000 1000
Tenor 12 -Years 17 -Years Re-issue of Re-issue of
7.29% 7.43%
MAHARASHTRA MAHARASHTRA
SGS 2035 issued SGS 2040 issued
on 10-DEC-2025 on 03-DEC-2025
Competitive Bids
Received
(i) No. 86 95 41 70
(ii) Amount 8020 8330.100 5653.758 6141.400
Cut-off Yield (%) 7.52 7.60 7.3467 7.5396
Cut off Price (₹) 100 100 99.60 99.02
Competitive Bids
Accepted
(i) No. 37 1 1 14
(ii) Amount 1800 1712.521 981.487 937.947
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 46.0227 92.5687 98.1487 75.9669
(ii) No. 11 1 1 3
Non -
Competitive Bids
Received
(i) No. 17 15 5 10
(ii) Amount 241.503 137.479 18.513 62.053
Non-Competitive 100.11 100 99.6 99.13
Price (₹)
Non-Competitive
Bids Accepted
(i) No. 17 15 5 10
(ii) Amount 200 137.479 18.513 62.053
Partial Allotment
Percentage of
Non-Competitive
Bids
Percentage 82.8147
Weighted 7.5060 7.6000 7.3467 7.5272
Average Yield
(%)
Total Allotment 2000 1850 1000 1000
Amount4
ODISHA SGS ODISHA SGS PUNJAB RAJASTHAN
2032 2036 SGS 2035 SGS 2035
N otified Amount 500 500 1000 1000
Tenor 7 -Years 11 -Years Re-issue of 10 -Years
7.49%
PUNJAB SGS
2035 issued
on
03-DEC-2025
Competitive Bids
Received
(i) No. 27 41 72 43
(ii) Amount 3140 2700 3445 3915
Cut-off Yield (%) 7.24 7.47 7.7195 7.54
Cut off Price (₹) 100 100 98.42 100
Competitive Bids
Accepted
(i) No. 1 3 29 11
(ii) Amount 494.984 474.074 932.153 909.276
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 98.9968 72.6357 24.7331 77.6565
(ii) No. 1 2 4 3
Non - Competitive
Bids Received
(i) No. 3 9 9 9
(ii) Amount 5.016 25.926 67.847 90.724
Non-Competitive 100 100.05 98.95 100.07
Price (₹)
Non-Competitive
Bids Accepted
(i) No. 3 9 9 9
(ii) Amount 5.016 25.926 67.847 90.724
Partial Allotment
Percentage of
Non-Competitive
Bids
Percentage
Weighted 7.2400 7.4637 7.6416 7.5292
Average Yield (%)
Total Allotment 500 500 1000 1000
Amount5
RAJASTHAN TAMILNADU TAMILNADU TAMILNADU
SGS 2036 SGS 2034 SGS 2036 SGS 2032
N otified Amount 1000 1000 1000 1000
Tenor 11 -Years 9 -Years 11 -Years Re-issue of
7.16%
TAMILNADU
SGS 2032 issued
on
17-DEC-2025
Competitive Bids
Received
(i) No. 48 32 40 22
(ii) Amount 5000 4106.50 4855 3520
Cut-off Yield (%) 7.54 7.34 7.47 7.2410
Cut off Price (₹) 100 100 100 99.56
Competitive Bids
Accepted
(i) No. 11 3 7 1
(ii) Amount 917.575 962.980 913.933 994.984
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 86.2875 93.8029 67.5690 99.4984
(ii) No. 1 2 2 1
Non -
Competitive Bids
Received
(i) No. 9 7 11 3
(ii) Amount 82.425 37.020 86.067 5.016
Non-Competitive 100.10 100 100.07 99.56
Price (₹)
Non-Competitive
Bids Accepted
(i) No. 9 7 11 3
(ii) Amount 82.425 37.020 86.067 5.016
Partial Allotment
Percentage of
Non-Competitive
Bids
Percentage
Weighted 7.5261 7.3399 7.4599 7.2410
Average Yield
(%)
Total Allotment 1000 1000 1000 1000
Amount6
TAMILNADU TAMILNADU TELANGANA TELANGANA
SGS 2035 SGS 2055 SGS 2042 SGS 2048
N otified Amount 1000 1000 500 800
Tenor Re-issue of 7.23% Re-issue of 17 -Years 23 -Years
TAMILNADU SGS 7.45%
2035 issued on 17- TAMILNADU
DEC-2025 SGS 2055
issued on 17-
DEC-2025
Competitive Bids
Received
(i) No. 44 16 69 39
(ii) Amount 4746.50 2840 3090 3060
Cut-off Yield (%) 7.4206 7.5591 7.60 7.59
Cut off Price (₹) 98.67 98.71 100 100
Competitive Bids
Accepted
(i) No. 15 3 4 2
(ii) Amount 981.550 984.805 464.293 786.901
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 50.5153 94.4805 86.5320 35.8626
(ii) No. 1 1 3 1
Non - Competitive
Bids Received
(i) No. 4 4 7 4
(ii) Amount 18.450 15.195 35.707 13.099
Non-Competitive 98.75 98.73 100 100.07
Price (₹)
Non-Competitive
Bids Accepted
(i) No. 4 4 7 4
(ii) Amount 18.450 15.195 35.707 13.099
Partial Allotment
Percentage of
Non-Competitive
Bids
Percentage
Weighted 7.4091 7.5574 7.5996 7.5836
Average Yield
(%)
Total Allotment 1000 1000 500 800
Amount7
TELANGANA UTTAR UTTAR UTTAR
SGS 2053 PRADESH PRADESH PRADESH
SGS 2041 SGS 2033 SGS 2039
N otified Amount 1000 1500 500 1000
Tenor 28 -Years 16 -Years Re-issue of Re-issue of 7.51%
7.24% UTTARPRADESH
UTTARPRADESH SGS 2039 issued
SGS 2033 issued on 17-DEC-2025
on 10-DEC-2025
Competitive Bids
Received
(i) No. 37 89 26 89
(ii) Amount 3080 8125 2566.50 7261
Cut-off Yield (%) 7.58 7.59 7.3198 7.6201
Cut off Price (₹) 100 100 99.52 99.06
Competitive Bids
Accepted
(i) No. 4 1 3 26
(ii) Amount 984.930 1350 494.958 917.623
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 46.7465 90 65.7944 78.5340
(ii) No. 2 1 2 2
Non - Competitive Bids
Received
(i) No. 4 20 2 11
(ii) Amount 15.070 244.233 5.042 82.377
Non-Competitive Price 100.01 100 99.52 99.46
(₹)
Non-Competitive Bids
Accepted
(i) No. 4 20 2 11
(ii) Amount 15.070 150 5.042 82.377
Partial Allotment
Percentage of Non-
Competitive Bids
Percentage 61.4168
Weighted Average Yield 7.5795 7.5900 7.3198 7.5730
(%)
Total Allotment 1000 1500 500 1000
Amount8
UTTARAKHAND WEST WEST BENGAL WEST BENGAL
SGS 2032 BENGAL SGS SGS 2045 SGS 2047
2041
N otified Amount 500 1000 1000 1000
Tenor 7 -Years 16 -Years 20 -Years 22 -Years
Competitive Bids
Received
(i) No. 17 95 50 40
(ii) Amount 1195 5997.05 3310.05 3255.05
Cut-off Yield (%) 7.64 7.62 7.60 7.59
Cut off Price (₹) 100 100 100 100
Competitive Bids
Accepted
(i) No. 15 4 1 1
(ii) Amount 489.988 944.176 969.989 997.985
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 93.7350 63.9253 96.9989 99.7985
(ii) No. 1 4 1 1
Non - Competitive
Bids Received
(i) No. 3 10 4 3
(ii) Amount 10.012 55.824 30.011 2.015
Non-Competitive 100.58 100 100 100
Price (₹)
Non-Competitive
Bids Accepted
(i) No. 3 10 4 3
(ii) Amount 10.012 55.824 30.011 2.015
Partial Allotment
Percentage of
Non-Competitive
Bids
Percentage
Weighted 7.5320 7.6200 7.6000 7.5900
Average Yield
(%)
Total Allotment 500 1000 1000 1000
Amount9
TOTAL
N otified Amount 33220
Tenor
Competitive Bids Received
(i) No. 1611
(ii) Amount 150711.658
Cut-off Yield (%) -
Cut off Price (₹) -
Competitive Bids Accepted
(i) No. 285
(ii) Amount 32144.787
Partial Allotment Percentage of Competitive Bids
(i) Percentage -
(ii) No. -
Non - Competitive Bids Received
(i) No. 234
(ii) Amount 1710.949
Non-Competitive Price (₹) -
Non-Competitive Bids Accepted
(i) No. 234
(ii) Amount 1575.213
Partial Allotment Percentage of Non-Competitive Bids
Percentage -
Weighted Average Yield (%) -
Total Allotment Amount 33720
*Gujarat has accepted an additional amount of ₹500 Crore in the 06-year security.
Ajit Prasad
Press Release: 2025-2026/1758 Deputy General Manager
(Communications)