**Executive Summary**
This document reports the full auction results of State Government Securities held on December 23, 2025. The report details the notified amounts, tenors, received and accepted competitive and non-competitive bids, cut-off yields and prices, and weighted average yields for various states' securities. Gujarat accepted an additional amount of ₹500 Crore in the 06-year security.
**Key Points / Main Content**
* **General Auction Information**
* Auction Date: December 23, 2025
* Total Notified Amount: ₹33,220 Crore
* Total Allotment Amount: ₹33,720 Crore
* **Competitive Bids**
* Total Competitive Bids Received: 1611 for ₹150,711.658 Crore
* Total Competitive Bids Accepted: 285 for ₹32,144.787 Crore
* **Non-Competitive Bids**
* Total Non-Competitive Bids Received: 234 for ₹1710.949 Crore
* Total Non-Competitive Bids Accepted: 234 for ₹1575.213 Crore
* **State-Specific Results:**
* Detailed results for various states including Bihar, Gujarat, Haryana, Jammu and Kashmir UT, Karnataka, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttarakhand and West Bengal
* Each state's results include notified amount, tenor, cut-off yield, cut-off price, and weighted average yield for securities auctioned.
**Impact Analysis**
**State Governments**
* **Impact:** The State Governments receive funding through the sale of securities. The auction results determine the cost of borrowing (yield) and the amount of funds raised.
* **Action Required:** Review the auction results to understand the cost of borrowing and adjust financial plans accordingly.
**Investors (Banks, Financial Institutions, etc.)**
* **Impact:** Investors have the opportunity to acquire State Government Securities. The auction results determine the yield they will receive on their investments.
* **Action Required:** Analyze the auction results to assess the profitability of their bids and adjust investment strategies for future auctions.
**Reserve Bank of India (RBI)**
* **Impact:** RBI manages the auction process as part of its role in managing government debt.
* **Action Required:** Utilize the auction results to monitor market conditions and adjust monetary policy as needed.
Key Entities Referenced
State Government Securities : Securities issued by various state governments.
Reserve Bank of India : The central bank of India, responsible for auctioning the State Government Securities.
BIHAR : One of the States whose SGS auction results are provided.
GUJARAT : One of the States whose SGS auction results are provided.
HARYANA : One of the States whose SGS auction results are provided.
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)