MUMBAI, March 20 (Reuters) - The Reserve Bank of India will conduct a repurchase of government bonds worth 50 billion rupees ($819.60 million) through a reverse auction on March 24, it said on Thursday.
The central 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,” the central bank said.
The RBI will repurchase 6.07 percent 2014 bonds, 10 percent 2014 bonds, 7.32 percent 2014 bonds, 10.5 percent 2014 bonds, 7.56 percent 2014 bonds, 11.83 percent 2014 bonds, and 10.47 percent 2015 bonds.
The repurchase will be conducted through the multiple price method, The RBI said.
$1 = 61.0050 Indian Rupees Reporting by Himank Sharma and Sumeet Chatterjee; Editing by Subhranshu Sahu