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Date: 2025-12-30 Category: Not Applicable State: Union Government Country: India

State Government Securities - Full Auction Result

Issued by Reserve Bank of India · Not Applicable

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Executive Summary & Key Takeaways

**Executive Summary** This document details the full auction results of State Government Securities (SGS) held on December 30, 2025. The results include the notified amount, tenor, bids received, cut-off yields and prices, and accepted bid amounts for various states and SGS series. The document covers auctions for securities from Andhra Pradesh, Assam, Bihar, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Manipur, Rajasthan, Tamil Nadu, Telangana, Tripura, Uttarakhand, and West Bengal. **Key Points / Main Content** * **Auction Overview:** * Auctions for various State Government Securities (SGS) were conducted on December 30, 2025. * The total allotment amount across all states was ₹35,450 Crore. * **State-Specific Details:** * The document provides detailed auction results for each state, including: * **Notified Amount:** The total amount of securities offered for auction (in Crore). * **Tenor:** The maturity period (in years) for each security. * **Competitive Bids Received:** Number and amount of competitive bids received. * **Cut-off Yield (%)**: The highest yield accepted in the auction. * **Cut-off Price (₹)**: The lowest price accepted in the auction. * **Competitive Bids Accepted:** Number and amount of competitive bids accepted. * **Non-Competitive Bids Received:** Number and amount of non-competitive bids received. * **Non-Competitive Price (₹)**: The price for non-competitive bids. * **Non-Competitive Bids Accepted:** Number and amount of non-competitive bids accepted. * **Weighted Average Yield (%)**: Average yield of all accepted bids. * **Total Allotment Amount:** Total amount allotted. * **Re-issue Information:** * Specific SGS series are identified as re-issues of previously issued securities. Details such as the original issue date and coupon rate are provided for Karnataka, Rajasthan, Tamil Nadu and Uttarakhand. **Impact Analysis** **State Governments** * **Impact:** Informs the governments of the proceeds raised through the auction and the yields at which the securities were sold. * **Action Required:** Review the auction results to assess the cost of borrowing and manage their debt portfolios accordingly. **RBI (Reserve Bank of India)** * **Impact:** As the auctioneer, the RBI tracks the overall demand and yield trends in the state government securities market. * **Action Required:** Analyze the auction results to inform monetary policy and debt management strategies. **Market Participants (Banks, Financial Institutions, Investors)** * **Impact:** Provides information on yields, prices, and allotment amounts, influencing investment decisions. * **Action Required:** Adjust investment strategies based on the auction outcomes, taking into account the yields, prices, and allotment amounts. **General Public** * **Impact:** The auction results reflect the fiscal health and borrowing costs of state governments, which could influence future economic conditions and fiscal policy. * **Action Required:** No direct action is required, but staying informed about these trends can contribute to public awareness of government finances.

Key Entities Referenced

State Government Securities: Securities issued by state governments, which are being auctioned. Reserve Bank of India: The regulator and issuer of the press release regarding the auction results of State Government Securities.
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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 30, 2025 State Government Securities - Full Auction Result The result of the auction of State Government Securities held on December 30, 2025, is as under: (Amount in ₹ Crore) ANDHRA ANDHRA ANDHRA ANDHRA PRADESH PRADESH PRADESH PRADESH SGS 2034 SGS 2035 SGS 2037 SGS 2042 Notified Amount 1000 1000 1000 1000 Tenor 9 -Years 10 -Years 12 -Years 17 -Years Competitive Bids Received (i) No. 49 50 65 79 (ii) Amount 3807.50 3700 3815 4205 Cut-off Yield (%) 7.37 7.44 7.52 7.54 Cut off Price (₹) 100 100 100 100 Competitive Bids Accepted (i) No. 2 1 4 1 (ii) Amount 980.398 963.855 920.753 900 Partial Allotment Percentage of Competitive Bids (i) Percentage 96.0398 96.3855 74.6704 90 (ii) No. 1 1 2 1 Non - Competitive Bids Received (i) No. 5 7 10 16 (ii) Amount 19.602 36.145 79.247 153.008 Non-Competitive Price (₹) 100 100 100.17 100 Non-Competitive Bids Accepted (i) No. 5 7 10 16 (ii) Amount 19.602 36.145 79.247 100 Partial Allotment Percentage of Non-Competitive Bids Percentage 65.3561 Weighted Average Yield 7.3696 7.4400 7.4980 7.5400 (%) Total Allotment Amount 1000 1000 1000 10002 ASSAM SGS BIHAR HARYANA HIMACHAL 2045 SGS 2031 SGS 2040 PRADESH SGS 2040 Notified Amount 1000 1400 1000 1000 Tenor 20 -Years 6 -Years 15 -Years 15 -Years Competitive Bids Received (i) No. 55 79 92 73 (ii) Amount 3650 5845 6105 4160 Cut-off Yield (%) 7.56 7.42 7.54 7.56 Cut off Price (₹) 100 100 100 100 Competitive Bids Accepted (i) No. 2 32 4 4 (ii) Amount 989.982 1371.386 900 959.418 Partial Allotment Percentage of Competitive Bids (i) Percentage 96.5836 39.0584 68.3333 65.6418 (ii) No. 2 4 2 1 Non - Competitive Bids Received (i) No. 3 6 12 8 (ii) Amount 10.018 28.614 116.122 40.582 Non-Competitive Price (₹) 100 100.34 100.08 100.14 Non-Competitive Bids Accepted (i) No. 3 6 12 8 (ii) Amount 10.018 28.614 100 40.582 Partial Allotment Percentage of Non-Competitive Bids Percentage 86.1163 Weighted Average Yield (%) 7.5600 7.3485 7.5310 7.5442 Total Allotment Amount 1000 1400 1000 10003 KARNATAKA KARNATAKA KARNATAKA KARNATAKA SGS 2032 SGS 2033 SGS 2036 SGS 2038 N otified Amount 1000 1000 2000 2000 Tenor Re-issue of Re-issue of 11 -Years 13 -Years 7.10% 7.03% KARNATAKA KARNATAKA SGS 2032 SGS 2033 issued issued on 08- on 26-MAR-2025 JAN-2025 Competitive Bids Received (i) No. 53 40 86 149 (ii) Amount 4920 4065 7385 8352.50 Cut-off Yield (%) 7.1804 7.2981 7.46 7.53 Cut off Price (₹) 99.61 98.42 100 100 Competitive Bids Accepted (i) No. 9 14 18 24 (ii) Amount 999.925 989.934 1910.419 1859.419 Partial Allotment Percentage of Competitive Bids (i) Percentage 79.9400 7.9736 96.4719 85.7883 (ii) No. 3 1 6 5 Non - Competitive Bids Received (i) No. 2 3 12 13 (ii) Amount 0.075 10.066 89.581 140.581 Non-Competitive 99.70 98.64 100.16 100.19 Price (₹) Non-Competitive Bids Accepted (i) No. 2 3 12 13 (ii) Amount 0.075 10.066 89.581 140.581 Partial Allotment Percentage of Non- Competitive Bids Percentage Weighted Average 7.1616 7.2601 7.4381 7.5072 Yield (%) Total Allotment 1000 1000 2000 2000 Amount4 KERALA SGS MADHYA MADHYA MADHYA 2044 PRADESH PRADESH PRADESH SGS 2030 SGS 2036 SGS 2046 N otified Amount 2000 1200 1200 1000 Tenor 19 -Years 5 -Years 11 -Years 21 -Years Competitive Bids Received (i) No. 76 63 93 39 (ii) Amount 5195.05 9420 7065 4125 Cut-off Yield (%) 7.56 7.02 7.50 7.54 Cut off Price (₹) 100 100 100 100 Competitive Bids Accepted (i) No. 3 6 9 1 (ii) Amount 1809.323 1187.458 1149.559 963.971 Partial Allotment Percentage of Competitive Bids (i) Percentage 77.0784 77.7075 41.3656 96.3971 (ii) No. 2 3 3 1 Non - Competitive Bids Received (i) No. 15 4 12 7 (ii) Amount 190.677 12.542 50.441 36.029 Non-Competitive Price (₹) 100.11 100.01 100.07 100 Non-Competitive Bids Accepted (i) No. 15 4 12 7 (ii) Amount 190.677 12.542 50.441 36.029 Partial Allotment Percentage of Non- Competitive Bids Percentage Weighted Average Yield 7.5489 7.0171 7.4909 7.54 (%) Total Allotment Amount 2000 1200 1200 10005 MANIPUR SGS RAJASTHAN RAJASTHAN RAJASTHAN 2038 SGS 2029 SGS 2031 SGS 2035 N otified Amount 150 1000 1000 1000 Tenor 13 -Years 4 -Years 6 -Years Re-issue of 7.54% RAJASTHAN SGS 2035 issued on 24-DEC-2025 Competitive Bids Received (i) No. 31 30 43 72 (ii) Amount 1105 3210 3590 3875 Cut-off Yield (%) 7.54 6.90 7.24 7.5296 Cut off Price (₹) 100 100 100 100.07 Competitive Bids Accepted (i) No. 1 15 24 14 (ii) Amount 148.994 980.470 989.980 967.794 Partial Allotment Percentage of Competitive Bids (i) Percentage 99.3293 90.9400 4.2800 15.5880 (ii) No. 1 1 1 1 Non - Competitive Bids Received (i) No. 3 6 3 6 (ii) Amount 1.006 19.530 10.020 32.206 Non-Competitive Price 100 100.28 100.30 100.31 (₹) Non-Competitive Bids Accepted (i) No. 3 6 3 6 (ii) Amount 1.006 19.530 10.020 32.206 Partial Allotment Percentage of Non- Competitive Bids Percentage Weighted Average Yield 7.5400 6.8191 7.1786 7.4950 (%) Total Allotment 150 1000 1000 1000 Amount6 TAMILNADU TAMILNADU TAMILNADU TAMILNADU SGS 2029 SGS 2031 SGS 2034 SGS 2035 N otified Amount 1500 1000 2000 1500 Tenor 4 -Years Re-issue of Re-issue of 10 -Years 7.00% 7.34% TAMILNADU TAMILNADU SGS 2031 SGS 2034 issued on 28- issued on 24- AUG-2025 DEC-2025 Competitive Bids Received (i) No. 42 35 52 54 (ii) Amount 6440 5115 5070 4413.89 Cut-off Yield (%) 6.86 7.1322 7.3798 7.42 Cut off Price (₹) 100 99.34 99.74 100 Competitive Bids Accepted (i) No. 22 9 13 21 (ii) Amount 1479.402 999.975 1982.889 1433.549 Partial Allotment Percentage of Competitive Bids (i) Percentage 21.6268 48.4975 61.1487 71.4758 (ii) No. 1 1 3 4 Non - Competitive Bids Received (i) No. 5 2 5 11 (ii) Amount 20.598 0.025 17.111 66.451 Non-Competitive Price 100.15 99.39 99.79 100.14 (₹) Non-Competitive Bids Accepted (i) No. 5 2 5 11 (ii) Amount 20.598 0.025 17.111 66.451 Partial Allotment Percentage of Non- Competitive Bids Percentage Weighted Average Yield 6.8156 7.1213 7.3721 7.4006 (%) Total Allotment 1500 1000 2000 1500 Amount7 TELANGANA TRIPURA UTTARAKHAND WEST BENGAL SGS 2036 SGS 2040 SGS 2035 SGS 2042 N otified Amount 1000 500 1000 2000 Tenor 11 -Years 15 -Years Re-issue of 17 -Years 6.97% UTTARAKHAND SGS 2035 issued on 30- JUL-2025 Competitive Bids Received (i) No. 70 58 94 91 (ii) Amount 4405 1799.05 4670 6000.05 Cut-off Yield (%) 7.52 7.54 7.5386 7.58 Cut off Price (₹) 100 100 96.16 100 Competitive Bids Accepted (i) No. 15 2 19 8 (ii) Amount 948.851 492.980 969.853 1893.599 Partial Allotment Percentage of Competitive Bids (i) Percentage 60.6856 78.5960 9.9020 23.0850 (ii) No. 4 1 2 6 Non - Competitive Bids Received (i) No. 9 5 4 13 (ii) Amount 51.149 7.020 30.147 106.401 Non-Competitive Price 100.16 100.04 96.37 100.18 (₹) Non-Competitive Bids Accepted (i) No. 9 5 4 13 (ii) Amount 51.149 7.020 30.147 106.401 Partial Allotment Percentage of Non- Competitive Bids Percentage Weighted Average Yield 7.4978 7.5359 7.5067 7.5615 (%) Total Allotment 1000 500 1000 2000 Amount8 WEST BENGAL SGS 2046 Total N otified Amount 2000 35450 Tenor 21 -Years Competitive Bids Received (i) No. 36 1849 (ii) Amount 4485.05 139993.090 Cut-off Yield (%) 7.57 - Cut off Price (₹) 100 - Competitive Bids Accepted (i) No. 3 300 (ii) Amount 1999.978 34144.114 Partial Allotment Percentage of Competitive Bids (i) Percentage 45.7489 - (ii) No. 1 - Non - Competitive Bids Received (i) No. 2 209 (ii) Amount 0.022 1375.016 Non-Competitive Price (₹) 100.17 - Non-Competitive Bids Accepted (i) No. 2 209 (ii) Amount 0.022 1305.886 Partial Allotment Percentage of Non-Competitive Bids Percentage - Weighted Average Yield (%) 7.5541 - Total Allotment Amount 2000 35450 Ajit Prasad Press Release: 2025-2026/1799 Deputy General Manager (Communications)

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