The auction will be conducted on NSE's e-bid platform from 1530 hrs to 1730 hrs after the market hours, the exchange said in a circular.
The auction quota gives overseas investors the right to invest in debt up to the stipulated limit.
Till yesterday, the total investment in the government debt category reached Rs 1.86 trillion, which is 97.61 per cent of the total permitted threshold of Rs 1.91 trillion, according to the latest update with depositories.
Consequently, the exchange has decided to conduct an auction for the allocation of unutilised debt limits to the tune of Rs 45.69 billion on Monday, January 29.
To make trading members accustomed to the bidding platform, the exchange would be conducting a mock bidding session on Thursday.
In an auction conducted earlier this month, investment limits for government bonds had attracted bids to the tune of a staggering Rs 119.88 billion by foreign portfolio investors (FPIs) against Rs 66.66 billion put on offer.