Indore Municipal Corporation lists bonds on NSE

After getting the cleanest city honor for two successive years, Indore Municipal Corporation (IMC) is mopping up municipal bonds worth Rs 241.90 crore to part find activities under Centre’s Amrut project.

The IMC on Thursday, 5 July 2018, listed its bonds on the debt market platform of the National Stock Exchange (NSE).

IMC received subscriptions amounting to Rs.214.9 crore for the 10-year bonds against the original issue size of Rs.100 crore, in addition to a green shoe option of Rs.70.00 crore. It accepted Rs. 139.9 crore at 9.25%, the National Stock Exchange (NSE) said in a statement.

The Indore Municipal Corporation has become the first civic body in India to list its municipal bonds in the NSE.  The Swachh Survekshan declared Indore as the cleanest city in the country in 2018.

After the successful municipal bond issue by Indore, the other cities such as Gwalior, Bhopal and Jabalpur will also raise funds through municipal bonds.

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