Indore Municipal Corporation launches Rs 244 crore green bonds: Check live subscription

10 Feb 2023 , 12:46 PM

India’s cleanest city, Indore has recently announced green bonds which are open for subscription today on February 10 and will be closing on February 14. These public issued green bonds will be in four separate, transferable, and redeemable principal parts (STRPP). Click here to apply in IMC Green Bonds.

As per offer documents, IMC has planned to set up a solar plan with 60-megawatt AC/67 DC capacity at Jalud Pumping Station to replace the traditional mode of electricity supply with green energy using the net proceeds from issue. The same is expected to save around Rs 7 Crore on the monthly bill.

The issue was subscribed 2.48 times overall, out of which qualified institutional buyers subscribed 3.52 times of the reserved quota, corporate subscribed 3.99 times, retail investors bought 2.34 times of the reserved quota while high networth investors bought 0.07 times, as on February 10 at 12.57 PM. (Source: BSE)

Indore MC’s public issue of rated, listed, taxable, secured, redeemable and non-convertible green municipal bonds have a face value of Rs 1,000 each and a minimum application of Rs 10,000.

The green bonds are proposed to be listed on NSE will offer a coupon rate of 8.25% per annum payable half-yearly and come with an effective yield of 8.42% per annum.