The RBI offered two government securities -- 11.99 per cent, 2009 and 11.98 per cent, 2004--worth Rs 5,000 crore on Friday and none of the business dailies carried the announcement which took most bankers by surprise.

This could be either because the RBI news release arrived too late in newspaper offices or they weren't sent at all and only those players who had access to on-line information services were aware of the sale.

``Most of us came to know about the sale through wire agenies released this morning at 9.30,'' said a chief dealer at a state-owned bank. ``The others came to know about it (the RBI sale) from brokers,'' he added.

The late information has led to many banks losing the opportunity, especially in the 11.99-per cent stock that was offered at a discountto existing market rates.

What irked bankers, especially the conservative government banks, was by the time the approval came in from their higher authorities to buy the discounted stock, the RBI had already shut its windows.

``The stock (11.99-per cent) was sold in three minutes flat,'' said a treasurer, at a private-owned bank.

The RBI offered Rs 2,000 crore worth of bonds 11.99-per cent bonds and Rs 3,000 crore of the 11.98 per cent bonds. Both these bonds were privately placed with the RBI by the government Friday for an `on-tap sale' simultaneously.

While the 11.99-per cent bonds were offered at Rs 101.40, a 17-18 paise discount to Thursday's secondary market rate, the 11.98-per cent 2004, were offered at a 30-paise premium. This led to the mad rush for the 11.99-per cent paper, and there were no takers for the 11.98-per cent bonds, dealers said.

One chief dealer at a state-owned bank said: Lack of communication by the RBI has benefited a handful of large investors like primary market dealersand a few banks. They cornered most of the 11.99-per cent bonds and made a killing immediately through secondary market sales. The rates at which the 11.99-per cent stock sold (after the RBI sale) on Friday were between Rs 102.52 and Rs 102.55.

``We should be given a fair chance, besides what is the urgency to sell it today without due notice when you know the stock is priced at a discount and will sail through,'' he added.

Another dealer at a foreign-owned bank said: When a stock is sold at a discount obviously there is bound to be a scramble and what the RBI could have had the sale on Monday after announcing the same late Saturday.

This could have avoided the confusion as all the banks would have taken the necessary approval by then, and the sale could have been more transparent, he added.

A few bankers who had acess to on-line services said, that though they had the information they could not chase the stocks simply because the bond and forex markets had opened by then.

``We would ratherconcentrate on our daily business than cribbing over the lost opportunity,'' said a treasurer at a private-owned bank.