RBI to conduct repurchase of government bonds for Rs 5,000 crore on March 24

The Reserve Bank of India (RBI) will conduct a repurchase of government bonds worth Rs 5,000 crore through a reverse auction on March 24, it said on Thursday.

The apex bank will repurchase bonds via reverse auction to prematurely redeem the bonds by utilising the government's surplus cash balances, it said.

"The above repurchase of the government stocks is purely ad hoc in nature," it said.

The RBI will repurchase 6.07 per cent 2014 bonds, 10 per cent 2014 bonds, 7.32 per cent 2014 bonds, 10.5 per cent 2014 bonds, 7.56 per cent 2014 bonds, 11.83 per cent 2014 bonds, and 10.47 per cent 2015 bonds.

The repurchase will be conducted through the multiple price method, the RBI said.

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