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Business Economy


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
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