Wednesday, Apr 24 2024 | Time 23:47 Hrs(IST)
image
Business EconomyPosted at: Apr 8 2021 7:47PM


India's first Rs 150 Cr Ghaziabad Green Bond lists on the BSE Bond Platform

Lucknow , Apr 8(UNI) The Ghaziabad Municipal Corporation which raised 150 crore (Base Issue: 100 cr with the green shoe option of 50 crs) via Municipal Bonds on private placement basis using the BSE bond platform listed on the exchange on Thursday.
This is the second Nagar Nigam after Lucknow to get its bonds listed at Bombay Stock Exchange (BSE).
The coupon rate of the taxable bond was fixed at 8.1 per cent per annum and were rated AA by India Ratings and AA(CE) by Brickworks and has a maturity of 10 years with a staggered redemption. Additionally, the municipal corporation has received a Rs 19.5 Crs incentive from Government of India for raising Municipal Bonds, officials here on Thursday said.
The municipal corporation has entered into an understanding with Sahibabad Industries Association for the purpose of achieving various goals and objectives relating to water supply and the capital raised is proposed to partially fund the tertiary sewage and water treatment plant which is estimated to cost approximately Rs 239.93 crs.
Speaking on this momentous occasion, Uttar Pradesh Chief Minister Yogi Adityanath stated ''It is a matter of pride for UP that the Ghaziabad Municipal Corporation has raised Rs 150 crore 'Green Bond' through its bond issue which got listed on BSE platform. It is the trust of the investors which UP has earned during last four years of governance. It will augment our effort to improve infrastructure in urban areas and it shows the improvement in the Industrial climate of the state and the trust the investors have reposed in the state machinery.''
Commemorating the occasion, M S Tawar, Municipal Commissioner, Ghaziabad Municipal Corporation said, ''A momentous occasion and the capital raise will not only enforce financial discipline but also gives the corporation a chance to come out wit HBh a bigger fund raise in the future. We saw an interest of 40 bids attracting a total subscription of Rs 401 crs that came in within minutes on bid date and that too with a very competitive coupon rate of 8.10 per cent. This is also the first ever green bond issued by any municipal corporation in India. This is just a reflection of trust of market in municipal bonds and good governance in the state of Uttar Pradesh.''
Ashish kumar Chauhan, MD & CEO of Bombay Stocks stated ''I would like to congratulate Ghaziabad Nagar Nigam for successfully raising Rs 150 cr by issuing Municipal Bond on BSE Bond platform. The order book was filled more than 4 times in a matter of few minutes, which establishes Ghaziabad Nagar Nigam as a credible entity in the Indian bond market.
I would also like to congratulate the entire UP administration under the leadership of Yogi Adityanath ji for his forward looking and transparent policies in adopting market-based borrowings as a means to achieve growth and provide modern basic facilities for urban centers. The green bond market has immense potential and is an attractive opportunity for Indian municipalities to leverage funds for meeting clean and climate-resilient urban infrastructure targets for the nation. The BSE Bond platform has helped bring in transparency and efficiency in price discovery for placement of debt securities and the platform enables to subscribe seamlessly.''
UNI MB SV 1946
Please log in to get detailed story.
Tags: #India's first Rs 150 Cr Ghaziabad Green Bond lists on the BSE Bond Platform
More News

NSE launches derivatives on Nifty Next 50 Index

24 Apr 2024 | 9:16 PM

Mumbai, Apr 24 (UNI) National Stock Exchange of India Ltd (NSE), the world’s largest derivatives exchange for consecutive fifth year in a row in the year 2023 based on contracts traded as published by FIA, launched futures and options contracts on the Nifty Next 50 Index on Wednesday.

see more..

KABIL signs MoU with CSIR-NGRI for geophysical investigations

24 Apr 2024 | 7:47 PM

Bhubaneswar, April 24 (UNI) Khanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.

see more..

Dish TV revolutionises entertainment with ‘Dish TV Smart+’ services

24 Apr 2024 | 7:31 PM

Kolkata, Apr 24 (UNI) Dish TV has taken a path-breaking initiative to redefine the entertainment experience in India.

see more..

TRAI recommends sharing of active, passive infra by telecom providers

24 Apr 2024 | 7:03 PM

New Delhi, April 24 (UNI) With a view to improve quality of services and reducing cost, the telecom regulator TRAI on Wednesday recommended sharing of active and passive infrastructure among telecom service providers, a move that would help setting up network quickly across the nation.

see more..

REC to provide loan of Rs 1869 cr to Chenab Valley Power Project in J&K

24 Apr 2024 | 6:38 PM

New Delhi, April 24 (UNI) State-owned non-banking finance company REC Limited has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL), under which it will provide financial assistance of Rs 1,869.265 crore as a term loan.

see more..
image