Green Bond Success: Indore Municipal Corporation's Issue Oversubscribed Two And A Half Times On First Day, Raised Rs 661 Crore

Raised from bonds for Narmada Project
Ten million. – Photo: amar ujala digital Expansion Indore Municipal Corporation, which has been ranked first in cleanliness for six consecutive times, is now in the field of solar energy. is also progressing. The corporation on Friday issued a green bond issue for setting up a solar plant on the banks of Narmada at Jalud in Khargone district. In the first two and a quarter hours, investment proposals worth Rs. It was oversubscribed about two and a half times during the day till the market closed. Under issue throughout the day . Received subscription of Rs. The issue is open till February. The value of one bond of the corporation is one thousand rupees. Mayor of Indore Pushya Mitra Bhargava had reached Mumbai two days ago to meet the investors for the issue and road attended the show. Friday morning at 3:30 41 Bond issue was issued. It got tremendous support from the market and investors. The issue was oversubscribed more than two and a half times on the first day itself. The corporation plans to raise Rs. crore through bonds. The effective coupon rate of the bond i.e. rate of interest 8.60 per cent, but on an annual basis it is 8.41 will be per cent. The interest amount will be paid every six months. Municipal Corporation will pay as per SEBI norms. Took the Green Bonds of the Corporation from the hands of the investors. February was the date of closure of the issue
1676024679 FRIDAY OPEN BONDS ISSUE CLOSING DATE It’s February, but it got tremendous success on Friday itself. Within a short time Rs. 300 crores were received under the issue and at the close of the market Till date this amount has increased to 506 more than Rs. Now it has to be seen whether the corporation would like to accept the additional amount or this amount will be returned to the investors. CM Shivraj said – A matter of pride
Chief Minister Shivraj Singh Chouhan tweeted on the success of the issue and said, ‘It is a matter of pride for the people of Indore and the people of the state. This is the first green public bond of any urban body of the state. I also congratulate the investors.
Now we will save electricity too
2023 Mayor Pushya Mitra Bhargava said that for the electric pumps of Narmada water plant located in Jalud 240 at a cost of Rs. MW solar power plant is to be set up. For this Green Bonds worth Rs 1 crore were issued on Friday. In this, Indore Municipal Corporation has collected 506 crore rupees. Now we will soon set up a solar plant. With this, solar energy will be used to draw water from the pumps installed in the Narmada river. After creating a record in cleanliness, now the Municipal Corporation is also working towards saving electricity. Water comes from kilometers away in Indore
Tell me, Indore’s Narmada drinking water project is one of the country’s expensive water supply schemes. From Indore 150 kilometers away from Jalud near Maheshwar to Narmada. Water is brought to Indore through electric pumps. In order to reduce the power consumption in Narmada Phase III, a 1.5 km long tunnel has also been constructed by cutting the mountains coming in between.
Saving eight to ten crores every year Will be
661 Now water will be brought to Indore using electricity generated from solar energy. The corporation will save Rs 8-10 crore every year by setting up a solar power plant. Now in a year 300 the electricity bill of the Municipal Corporation is more than Rs. has to pay. MLD water comes to Indore everyday from the three phases of the Narmada project. Narmada water had reached Indore in the first phase of the scheme 1978. ,