GHMC raises Rs 200 crore on BSE Bond platform

B. Janardhan Reddy commissioner of the civic body said that the fund-raising is a part of Rs1,000 crore of borrowings proposed to be raised through bonds till fiscal year 2019

The municipal corporations of Ahmedabad, Surat and Delhi will be next to hit the bond market with SBI Caps as the sole arranger.

Mumbai: The Greater Hyderabad Municipal Corporation (GHMC) on Wednesday raised Rs200 crore through sale of municipal bonds marking the comeback of such instruments after almost eight months.

This is the second such bond sale in recent months after the Pune local body in June previous year.

The bond issue of the civic body is backed by a structured payment mechanism, which provides maximum safety to investors.

The issue, handled by SBI Capital Market, was oversubscribed more than two times, having received subscriptions of more than Rs 400 crore. It will be financing Rs 1,000 crore for the project and raising the remainder from loans. "Another five lakh vehicles come into the city every day so a strategic road project to decongest Hyderabad is planned with an outlay of Rs 3,518 crore". "We need to improve the traffic junctions, make traffic hassle-free by reducing travelling time", municipal commissioner B Janardhan Reddytold PTI over phone. Insurers, pension funds and banks have invested in the debt securities that earn 8.90 per cent semi-annual interest rate with 10-year maturity.

On June 19, 2017, the Pune Municipal Corporation was the first Municipal Corporation to successfully raise Rs 200 crore on the BSE BOND platform.

Earlier in June past year, Pune bonds, rated as AA+, offered 7.59%, about 30-40 basis points more than bonds sold by state governments.

Rating agency Crisil in a report released in November 2017 had said that urban local bodies are estimated to raise about Rs 15,000 crore by 2023 with 92 cities already getting rated. These will have to be funded by market borrowings in addition to government grants.

BSE platforms for bond issuances have been a preferred choice for companies to raise debt capital in India.

Related News:

  • Occidental Petroleum Corporation (NYSE:OXY)

    It improved, as 33 investors sold HRS shares while 196 reduced holdings. 111 funds opened positions while 421 raised stakes. Virginia Retirement Et Al has invested 0.01% in American Assets Trust, Inc. 11,440 are held by Davenport Limited Liability.
    What you really want: Spice Girls to reunite for tour

    What you really want: Spice Girls to reunite for tour

    The five pop stars met at Geri Horner's home recently, with each of them uploading smiling photos of the get together on Instagram .
    Must Yankees things to know Thursday | Daredevil Aaron Judge won't change ways

    Must Yankees things to know Thursday | Daredevil Aaron Judge won't change ways

    The surgery cleaned out some cartilage. "He said, 'When we get down to Tampa , let's spend some time in the cage and pick each other's brain".
  • Xbox Party Chat now available via iOS, Android

    Xbox Party Chat now available via iOS, Android

    You can also invite others to a party chat, or control the settings for a chat using the mobile apps. Microsoft has just launched party chat support in its Xbox apps for Android and iOS .
    Stephens Inc. AR Buys Shares of 3871 Jacobs Engineering Group Inc (JEC)

    Stephens Inc. AR Buys Shares of 3871 Jacobs Engineering Group Inc (JEC)

    Fny Managed Accounts Limited stated it has 0.03% of its portfolio in Jacobs Engineering Group Inc. (NYSE:JEC) for 357,937 shares. Want to see what other hedge funds are holding JEC? On Tuesday, July 26 the stock rating was maintained by Citigroup with "Buy".
    Dynasty Warriors 9 update 1.03 includes frame rate improvements

    Dynasty Warriors 9 update 1.03 includes frame rate improvements

    But Koei Tecmo and Omega Force have reacted swiftly to try and remedy the issue with the Dynasty Warriors 9 update 1.03. Original Dynasty Warriors fans do not like the changes, while newer players don't seem to mind the change in flavor.
  • Paczki Day at Smurawa's Country Bakery

    Paczki Day at Smurawa's Country Bakery

    LaDawn Stuben, the head pastry chef at Liberty Market in downtown Gilbert, learned to make the decadent doughnut five years ago, after her husband - who's from MI - had trouble finding them in Arizona.
    PyeongChang 2018: Huge fight occurs between US, Canada women's hockey teams

    PyeongChang 2018: Huge fight occurs between US, Canada women's hockey teams

    Amanda Kessel said after Thursday's game that the US did enough to at least put a bit of doubt into the minds of the Canadians. Olympic Athletes from Russian Federation . "They have a strong team, probably skill-wise a better team than us", said Hiller.

    Analyst Opinion Summary: Weatherford International plc (WFT), OncoSec Medical Incorporated (ONCS)

    Following the sale, the vice president now owns 232,399 shares of the company's stock, valued at approximately $985,371.76. American National Insurance Communications Tx owns 1.73% invested in The Boeing Company (NYSE:BA) for 129,450 shares.
  • Frank Ocean Shares Cover of

    Frank Ocean Shares Cover of "Moon River" from 'Breakfast at Tiffany's'

    Ocean, and he's hinted that he's completed a new album, but ( in his words ) "I JUST AIN'T PUT THAT BITCH OUT!" We're not ones to give career advice to Mr.

    Analyst's Predictions on Oasis Petroleum Inc. (OAS), Lennar Corporation (LEN)

    A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Oasis Petroleum by 103.7% in the third quarter.
    Sticking around: Larry Fitzgerald will play for the Cardinals next season

    Sticking around: Larry Fitzgerald will play for the Cardinals next season

    Fitzgerald came to Arizona in the 2004 NFL Draft as the third overall pick out of the University of Pittsburgh. Arizona Cardinals wide receiver Larry Fitzgerald (11) will return for another season, the team said.


Most liked

Advisory Services Network Decreased By $389312 Its Vertex Pharmaceuticals (VRTX) Position; Rhythm
Achmea Investment Management B.V. lifted its holdings in shares of Vertex Pharmaceuticals by 68.0% in the second quarter. Dekabank Deutsche Girozentrale invested 0.18% of its portfolio in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX).

FNF Group of Fidelity National Financial (NYSE:FNF) Announces Earnings Results
Marathon Partners Equity Management Llc bought 200,000 shares as the company's stock declined 5.93% while stock markets rallied. It is positive, as 8 investors sold USAT shares while 9 reduced holdings. 57 funds opened positions while 100 raised stakes.

Progressive Corp (NYSE:PGR) Short Interest Update
Cypress Capital Management LLC WY acquired a new stake in Progressive Corporation (The) in the 2nd quarter valued at $106,000. With 3.06M avg volume, 2 days are for Progressive Corporation (NYSE: PGR)'s short sellers to cover PGR's short positions.

First Horizon National (NYSE:FHN) to Repurchase $250.00 million in Shares
The Illinois-based Citadel Advisors Limited Liability Company has invested 0.04% in First Horizon National Corporation (NYSE:FHN). Cerebellum GP LLC acquired a new position in shares of First Horizon National in the 4th quarter valued at $124,000.

EPL: Pogba 'regrets' Manchester United return following fallout with Mourinho
Sources told ESPN FC that Chelsea were unfamiliar with Corti's identity as a prankster and his intentions when he was accredited for the press conference.

What Are Analysts Suggestions On National Oilwell Varco, Inc. (NOV)
Keybank National Association Oh reported 7,963 shares. (NYSE:NOV) earned "Sell" rating by Suntrust Robinson on Monday, August 7. National Oilwell Varco, Inc. price was kept to a minimum $33.115 in intra-day trade and has returned -6.55% this year alone.

Italy Trade Surplus Shrinks In December
The departure of the United Kingdom from the European Union may put pressure on the trading relations between Ireland and the UK. The trade surplus dropped to Euro 5.3 billion in December from Euro 5.7 billion in the corresponding month past year .

Newcastle stalwart explains how Benitez led Magpies to win over Man United
The Spaniard acknowledged that he would rather not be writing in the wake of the 1-0 loss at St James' Park . Asked when he found out he was in the team, he said: "Actually, two hours before the game".

The 3M Company (MMM) Stake Raised by Oakbrook Investments LLC
It is negative, as 59 investors sold MMM shares while 612 reduced holdings. 101 funds opened positions while 417 raised stakes. Therefore 30% are positive. 3M has a consensus rating of "Hold" and an average price target of $225.44.

411's WWE NXT Report 2.14.18
Winner: Pete Dunne defends his WWE United Kingdom Championship against Roderick Strong via pinfall with the Bitter End. Tiger Bomb connects! Strong Hold coming, but he's having trouble keeping the submission locked in with the bad arm.

Florida High School Football Coach Deemed A Hero
Someone on the radio asked if loud sounds they heard were firecrackers, said football coach Willis May, who also carries a radio. Authorities say Feis was one of almost 20 victims who died in the shooting at the hands of Nikolas Cruz, 19.

(NYSE:FDX) Shares Sold by Gateway Investment Advisers LLC
Natixis Asset Management, which manages about $1.16 billion US Long portfolio, decreased its stake in American Tower Corp. Among 15 analysts covering Expeditors International of Washington ( NASDAQ:EXPD ), 3 have Buy rating, 2 Sell and 10 Hold.

Analysis finds GOP skew in Pennsylvania plan
Wolf says the Republicans' latest plan still contains unconstitutionally partisan tactics that favor Republicans. But Corman says there's no time under the court's deadlines for Pennsylvania's Legislature to pass a new map.

'300 militants in Pakistan ready to enter India'
It will have to be proved over and over again that they are responsible. "Pakistan will pay for this misadventure". An encounter is now ongoing between the terrorists and the security forces, and one CRPF jawan has been martyred.

Catalyst Capital Advisors LLC Raises Position in FMC Corp (FMC)
Today, Credit Suisse Group reiterated its Outperform rating on FMC (NYSE:FMC) with a price target of $106.00. BMO Capital Markets initiated the shares of FMC in report on Friday, March 18 with "Market Perform" rating.