New Delhi, April 15 (IANS): The Finance Ministry on Monday announced the sale of government bonds worth Rs 24,000 in two categories.

The first lot comprises '7.37 per cent Government Security 2028' for a notified amount of Rs 12,000 crore through a price-based auction using the multiple price method, while the second consists of 'New Government Security 2064' with a total value of Rs 12,000 crore (nominal) through yield-based auction using the multiple price method.

The government will have the option to retain additional subscriptions up to Rs 2,000 crore against each security, according to a Finance Ministry statement.

The auctions will be conducted by the Reserve Bank of India (RBI) in Mumbai on April 19.

Up to 5 per cent of the notified amount of the sale of the securities will be allotted to the eligible individuals and institutions as per the scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auctions should be submitted in electronic format on the RBI Core Banking Solution (E-Kuber) system on April 19.

The non-competitive bids should be submitted between 10:30 a.m. and 11 a.m., and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m., according to the statement.

The results of the auctions will be announced on April 19 and payments by the successful bidders will be made on April 22.

The securities will be eligible for 'When Issued' trading in accordance with the RBI guidelines, the statement said.