The auction will be conducted on NSE's ebid-platform from 1530 hours to 1730 hours after the close of market hours on December 14, the exchange said in a circular.
The debt auction quota gives overseas investors the right to invest in the debt, up to the limit purchased.
A mock bidding session would be conducted today to check the system's performance.
Depository data showed that total investments, including limits acquired by foreign investors through the auction route, stood at Rs 1,29,403 crore till December 10, which is 99.62 per cent of the total permitted investment limit of Rs 1,29,900 crore in government debt securities.
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During earlier auctions, government bonds were subscribed multiple times, given the huge interest among foreign investors.
Last month, an auction for government bonds worth Rs 332 crore had attracted bids to the tune of Rs 521 crore.
The Securities and Exchange Board of India (Sebi) has decided to enhance the limit for investment by FPIs in government securities in two tranches from October 12 to January 1.
The limit for overseas investors in securities was hiked to Rs 1,29,900 crore on October 12 and would be further shored up to Rs 1,35,400 crore from January 1.