Indore civic body's green bonds oversubscribed in 3 hours

13 Feb 2023 CW Team

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

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

Infrastructure Urban

06 Apr 2026

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

Infrastructure Energy

06 Apr 2026

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..