+
Indore civic body's green bonds oversubscribed in 3 hours
POWER & RENEWABLE ENERGY

Indore civic body's green bonds oversubscribed in 3 hours

Indore Municipal Corporation's (IMC) green bond of Rs 2.44 billion was oversubscribed within three hours of the IPO's opening on Friday, raising Rs 3 billion in interest and exceeding the Rs 6 billion barrier by 5 p.m.

To lower its electricity costs, the local civic body will build a 60 MW captive solar power plant on 100 acres of property in Khargone.

On Saturday, technical bids for the solar plant's construction will be opened. "IMC today became the country's first civic body to issue an IPO," said ISCDL CEO Divyank Singh, adding that the "overwhelming response of investors" has strengthened IMC officials' confidence. "It's a reflection of the faith in IMC and the distinct identity the country's cleanest city has created on the world's map," he said.

"The bond issuance opened for subscription at 10.30 a.m., and by 1 p.m., it had received a phenomenal response, raising Rs 3 billion in interest," Indore mayor Pushyamitra Bhargava said. The bond issuance concludes on February 14, and the mayor expects for "at least a five-fold increase in interest" before then.

"The face amount of each bond is Rs 1,000 apiece, containing four individually transferable and redeemable principal sections of Rs 250 each," Singh explained. IMC expects to earn Rs 2.44 billion from the sale of 24.4 lakh bond units. The subscribers will be divided into these units in proportion to their demands while funds to the tune of Rs 2.44 billion will only be raised and the rest will be returned," he explained.

Singh further stated that the buyers will be provided an annual coupon rate of 8.25%, payable semi-annually, and an effective yield of up to 8.42% on the investment.

On February 22, the IPO will be published on the National Stock Exchange (NSE), allowing buyers to trade the bonds. "Now, we are confident of embarking on some other development projects with this type of money in the near future," he said.

Also Read
Adani Power falls in profits by 96%
GE Renewable Energy receives order to modernise 39 substation in Nepal

Indore Municipal Corporation's (IMC) green bond of Rs 2.44 billion was oversubscribed within three hours of the IPO's opening on Friday, raising Rs 3 billion in interest and exceeding the Rs 6 billion barrier by 5 p.m. To lower its electricity costs, the local civic body will build a 60 MW captive solar power plant on 100 acres of property in Khargone. On Saturday, technical bids for the solar plant's construction will be opened. IMC today became the country's first civic body to issue an IPO, said ISCDL CEO Divyank Singh, adding that the overwhelming response of investors has strengthened IMC officials' confidence. It's a reflection of the faith in IMC and the distinct identity the country's cleanest city has created on the world's map, he said. The bond issuance opened for subscription at 10.30 a.m., and by 1 p.m., it had received a phenomenal response, raising Rs 3 billion in interest, Indore mayor Pushyamitra Bhargava said. The bond issuance concludes on February 14, and the mayor expects for at least a five-fold increase in interest before then. The face amount of each bond is Rs 1,000 apiece, containing four individually transferable and redeemable principal sections of Rs 250 each, Singh explained. IMC expects to earn Rs 2.44 billion from the sale of 24.4 lakh bond units. The subscribers will be divided into these units in proportion to their demands while funds to the tune of Rs 2.44 billion will only be raised and the rest will be returned, he explained. Singh further stated that the buyers will be provided an annual coupon rate of 8.25%, payable semi-annually, and an effective yield of up to 8.42% on the investment. On February 22, the IPO will be published on the National Stock Exchange (NSE), allowing buyers to trade the bonds. Now, we are confident of embarking on some other development projects with this type of money in the near future, he said. Also Read Adani Power falls in profits by 96% GE Renewable Energy receives order to modernise 39 substation in Nepal

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?