CM Patel lists Rs 200-cr municipal green bond of AMC on BSE
The AA+ credit-rated green bond was oversubscribed by 13 times of the base price of Rs 100 crore. After seeing the demand for the green bond, AMC availed the 'green shoe option' of another Rs 100 crore, thus totalling Rs 200 crore.
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Chief Minister Bhupendra Patel lists Rs 200-crore municipal green bond of AMC on the BSE by performing the ‘bell-ringing ceremony’ in Ahmedabad on Thursday. (Image source: X/@Bhupendrapbjp)Gujarat Chief Minister Bhupendra Patel listed the Rs 200-crore municipal green bond of the Ahmedabad Municipal Corporation (AMC) on the BSE by performing the ‘bell-ringing ceremony’ in Ahmedabad Thursday. Mayor Pratibha Jain, Deputy Mayor Jatin Patel, and other senior officials were also present at the event.
The AA+ credit-rated green bond was oversubscribed by 13 times of the base price of Rs 100 crore. After seeing the demand for the green bond, AMC availed the ‘green shoe option’ of another Rs 100 crore, thus totalling Rs 200 crore.
The bidding for the state’s first municipal green bond commenced on February 5 at 11 am and was hosted by the AMC on an online bidding platform. Within 4 seconds, the green bond was oversubscribed with bidding worth Rs 415 crore.
By the time the bidding period expired, it was oversubscribed by 13.6 times at Rs 1,360 crore received from 30 different investors.
AMC opted for a Rs 200-crore municipal green bond initiative to accelerate and achieve the target of net zero for sustainable and environment friendly development set by Prime Minister Narendra Modi. The capital raised will be used to fund development projects in Ahmedabad city to facilitate the efficient execution of several green initiatives, including sewage water purification for industrial use, green energy production, and implementation of zero-liquid discharge systems.
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