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.

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