The auction will be conducted on BSE's 'ebidexchange' platform from 1530 hrs to 1730 hrs, after the close of market hours, 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.
"Live bidding session for allocation of debt investment limits (worth Rs 3,930 crore) for FII/FPI/ sub-accounts shall be conducted on November 27, 2017 on exchange's 'ebidxchange' platform," BSE said.
A mock bidding session would also be conducted on that day to check the system's performance, it added.
Earlier this month, the government bond had attracted bids to the tune of Rs 3,666 crore from foreign portfolio investors (FPIs) in an auction of investment limits for such securities, much higher than Rs 2,169 crore that was on offer.