**Executive Summary**
This report summarizes the full auction results for State Government Securities (SGS) held on September 30, 2025. The auctions included securities from multiple states with tenors ranging from 7 to 33 years. The total allotment amount across all states was ₹34,100 Crore.
**Key Points / Main Content**
* **Auction Overview:**
* The report details the auction results for SGS from Andhra Pradesh, Bihar, Goa, Haryana, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttarakhand, and West Bengal.
* Each state's auction data includes specific SGS series (e.g., SGS 2045, SGS 2046) with varying tenors.
* **Competitive Bids:**
* Number and amount of competitive bids received and accepted are specified for each SGS series.
* Cut-off yield (%) and cut-off price (₹) are listed for the competitive bids.
* Partial allotment percentages for competitive bids are provided.
* **Non-Competitive Bids:**
* Number and amount of non-competitive bids received and accepted are specified.
* Non-competitive price (₹) is listed.
* Partial allotment percentages for non-competitive bids are provided.
* **Yield Information:**
* Weighted average yield (%) is provided for each SGS series.
* **Allotment Details:**
* Total allotment amount for each SGS series is clearly stated in ₹ Crore.
**Impact Analysis**
**State Governments**
* **Impact:** Successfully raised funds through the auction of State Government Securities.
* **Action Required:** Manage the received funds according to their budgetary and developmental needs.
**Investors (Banks, Financial Institutions, etc.)**
* **Impact:** Successful bidders are allocated State Government Securities as per the auction results.
* **Action Required:** Manage their portfolios based on the acquired securities and their respective yields.
**Reserve Bank of India (RBI)**
* **Impact:** Successfully conducted the auction process as a debt manager for the state governments.
* **Action Required:** Monitor and manage the overall government debt market, ensuring stability and efficiency.
Key Entities Referenced
State Government Securities : Bonds issued by individual state governments in India to raise funds. These are auctioned periodically, and this document details the results of one such auction.
Reserve Bank of India : Primary regulator and auctioneer of State Government Securities in India.
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
September 30, 2025
State Government Securities - Full Auction Result
The result of the auction of State Government Securities held on
September 30, 2025, is as under:
(Amount in ₹ Crore)
ANDHRA ANDHRA BIHAR SGS BIHAR SGS
PRADESH PRADESH 2043 2049
SGS 2045 SGS 2046
Notified Amount 1000 1000 2000 2000
Tenor 20 -Years 21 -Years 18 -Years 24 -Years
Competitive Bids Received
(i) No. 32 26 83 34
(ii) Amount 3575 3725 7092.100 5495.100
Cut-off Yield (%) 7.50 7.50 7.58 7.57
Cut off Price (₹) 100 100 100 100
Competitive Bids Accepted
(i) No. 14 12 58 21
(ii) Amount 957.990 979.925 1883.677 1964.517
Partial Allotment Percentage of
Competitive Bids
(i) Percentage 54.8791 88.3372 5.9180 26.9611
(ii) No. 2 2 4 2
Non - Competitive Bids
Received
(i) No. 8 4 12 6
(ii) Amount 42.010 20.075 116.323 35.483
Non-Competitive Price (₹) 100.20 100.18 100.76 100.89
Non-Competitive Bids Accepted
(i) No. 8 4 12 6
(ii) Amount 42.010 20.075 116.323 35.483
Partial Allotment Percentage of
Non-Competitive Bids
Percentage
Weighted Average Yield (%) 7.4806 7.4826 7.5019 7.4893
Total Allotment Amount 1000 1000 2000 20002
GOA SGS HARYANA HARYANA KERALA
2036 SGS 2039 SGS 2041 SGS 2040
Notified Amount 100 1000 1000 2000
Tenor 11 -Years 14 -Years 16 -Years 15 -Years
Competitive Bids Received
(i) No. 26 85 71 106
(ii) Amount 1010.100 6312 3880 7937.100
Cut-off Yield (%) 7.37 7.43 7.44 7.49
Cut off Price (₹) 100 100 100 100
Competitive Bids Accepted
(i) No. 6 15 16 45
(ii) Amount 94.684 900 939.747 1800
Partial Allotment Percentage
of Competitive Bids
(i) Percentage 52.2990 37.3134 41.8042 46.3556
(ii) No. 4 6 6 8
Non - Competitive Bids
Received
(i) No. 7 16 8 18
(ii) Amount 5.316 120.298 60.253 227.274
Non-Competitive Price (₹) 100.04 100.10 100.11 100.24
Non-Competitive Bids
Accepted
(i) No. 7 15 8 18
(ii) Amount 5.316 100 60.253 200
Partial Allotment Percentage
of Non-Competitive Bids
Percentage 83.1269 87.9995
Weighted Average Yield (%) 7.3652 7.4184 7.4279 7.4626
Total Allotment Amount 100 1000 1000 20003
MADHYA MADHYA MAHARASHTRA MAHARASHTRA
PRADESH PRADESH SGS 2029 SGS 2033
SGS 2045 SGS 2048
Notified Amount 1500 1500 1000 1000
Tenor 20 -Years 23 -Years Re-issue of Re-issue of
6.74% 7.18%
MAHARASHTRA MAHARASHTRA
SGS 2029 issued SGS 2033 issued
on 10-SEP-2025 on 10-SEP-2025
Competitive Bids
Received
(i) No. 69 37 57 73
(ii) Amount 5130.600 5010.100 7705 5943.465
Cut-off Yield (%) 7.48 7.51 6.6710 7.1890
Cut off Price (₹) 100 100 100.23 99.94
Competitive Bids
Accepted
(i) No. 30 22 9 12
(ii) Amount 1377.401 1444.920 999.968 989.493
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 72.2289 44.9980 45.3248 53.9386
(ii) No. 7 3 3 2
Non - Competitive Bids
Received
(i) No. 14 8 2 4
(ii) Amount 122.599 55.080 0.032 10.507
Non-Competitive Price 100.18 100.24 100.27 100
(₹)
Non-Competitive Bids
Accepted
(i) No. 14 8 2 4
(ii) Amount 122.599 55.080 0.032 10.507
Partial Allotment
Percentage of Non-
Competitive Bids
Percentage
Weighted Average 7.4621 7.4877 6.6593 7.1789
Yield (%)
Total Allotment 1500 1500 1000 1000
Amount4
MAHARASHTRA MAHARASHTRA PUNJAB RAJASTHAN
SGS 2034 SGS 2036 SGS 2037 SGS 2038
Notified Amount 1000 1000 2000 1500
Tenor Re-issue of 7.24% Re-issue of 12 -Years 13 -Years
MAHARASHTRA 7.27%
SGS 2034 issued MAHARASHTRA
on 10-SEP-2025 SGS 2036 issued
on 24-SEP-2025
Competitive Bids
Received
(i) No. 93 95 88 74
(ii) Amount 5635.746 7752 4520.100 4870
Cut-off Yield (%) 7.2205 7.3193 7.57 7.46
Cut off Price (₹) 100.12 99.63 100 100
Competitive Bids
Accepted
(i) No. 19 38 52 18
(ii) Amount 958.361 957.429 1800 1350
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 49.0404 13.1164 30.6154 29.1667
(ii) No. 8 7 4 6
Non - Competitive Bids
Received
(i) No. 8 7 19 19
(ii) Amount 41.639 42.571 220.031 222.028
Non-Competitive Price 100.15 99.89 100.40 100.17
(₹)
Non-Competitive Bids
Accepted
(i) No. 8 7 19 19
(ii) Amount 41.639 42.571 200 150
Partial Allotment
Percentage of Non-
Competitive Bids
Percentage 90.8963 67.5591
Weighted Average 7.2159 7.2844 7.5186 7.4396
Yield (%)
Total Allotment 1000 1000 2000 1500
Amount5
RAJASTHAN RAJASTHAN TAMILNADU TAMILNADU
SGS 2041 SGS 2051 SGS 2055 SGS 2035
Notified Amount 1500 2000 2000 1000
Tenor 16 -Years 26 -Years 30 -Years Re-issue of
7.26%
TAMILNADU
SGS 2035
issued on 24-
SEP-2025
Competitive Bids
Received
(i) No. 44 17 40 117
(ii) Amount 3310.100 7765.100 6005.100 6849.803
Cut-off Yield (%) 7.56 7.46 7.44 7.2696
Cut off Price (₹) 100 100 100 99.93
Competitive Bids
Accepted
(i) No. 29 3 11 10
(ii) Amount 1376.739 1984.901 1959.795 968.247
Partial Allotment
Percentage of
Competitive Bids
(i) Percentage 4.1598 85.4901 89.0445 41.7606
(ii) No. 3 1 4 3
Non - Competitive
Bids Received
(i) No. 12 5 5 8
(ii) Amount 123.261 15.099 40.205 31.753
Non-Competitive Price 100.58 100.07 100.02 99.98
(₹)
Non-Competitive Bids
Accepted
(i) No. 12 5 5 8
(ii) Amount 123.261 15.099 40.205 31.753
Partial Allotment
Percentage of Non-
Competitive Bids
Percentage
Weighted Average 7.4974 7.4537 7.4384 7.2625
Yield (%)
Total Allotment 1500 2000 2000 1000
Amount6
TELANGANA TELANGANA TELANGANA TELANGANA
SGS 2052 SGS 2054 SGS 2056 SGS 2058
Notified Amount 1000 1000 1000 1000
Tenor 27 -Years 29 -Years 31 -Years 33 -Years
Competitive Bids Received
(i) No. 27 27 26 25
(ii) Amount 4010 4185 4275 4260
Cut-off Yield (%) 7.53 7.52 7.44 7.44
Cut off Price (₹) 100 100 100 100
Competitive Bids Accepted
(i) No. 15 12 5 4
(ii) Amount 974.996 964.499 974.958 974.899
Partial Allotment Percentage
of Competitive Bids
(i) Percentage 8.6664 64.7495 94.5232 96.0099
(ii) No. 2 1 2 2
Non - Competitive Bids
Received
(i) No. 5 7 5 5
(ii) Amount 25.004 35.501 25.042 25.101
Non-Competitive Price (₹) 100.77 100.69 100.01 100
Non-Competitive Bids
Accepted
(i) No. 5 7 5 5
(ii) Amount 25.004 35.501 25.042 25.101
Partial Allotment Percentage
of Non-Competitive Bids
Percentage
Weighted Average Yield (%) 7.4630 7.4612 7.4395 7.4398
Total Allotment Amount 1000 1000 1000 10007
UTTARAKHAND WEST BENGAL Total
SGS 2032 SGS 2045
Notified Amount 1500 1500 34100
Tenor 7 -Years 20 -Years
Competitive Bids Received
(i) No. 62 64 1498
(ii) Amount 3430 6290 135973.514
Cut-off Yield (%) 7.30 7.56 -
Cut off Price (₹) 100 100 -
Competitive Bids Accepted
(i) No. 35 37 548
(ii) Amount 1461.721 1438.994 32477.861
Partial Allotment Percentage of
Competitive Bids
(i) Percentage 34.2894 63.1195 -
(ii) No. 4 4 -
Non - Competitive Bids Received
(i) No. 9 6 227
(ii) Amount 38.279 61.006 1761.77
Non-Competitive Price (₹) 100.30 100.26 -
Non-Competitive Bids Accepted
(i) No. 9 6 226
(ii) Amount 38.279 61.006 1622.139
Partial Allotment Percentage of
Non-Competitive Bids
Percentage -
Weighted Average Yield (%) 7.2441 7.5344 -
Total Allotment Amount 1500 1500 34100
Ajit Prasad
Press Release: 2025-2026/1204 Deputy General Manager
(Communications)