Mumbai : Prime Minister Narendra Modi has consistently urged that municipalities, which play an important role in the development of the country, should become financially self-reliant. Responding positively to the Prime Minister’s appeal, Pimpri Chinchwad Municipal Corporation ‘issued’ green bonds. Pimpri-Chinchwad has become the first municipal corporation in the country to raise funds from such a ‘capital market’, Chief Minister Devendra Fadnavis said today.
Pimpri-Chinchwad Municipal Corporation’s green bonds listing program on the Mumbai Stock Exchange was held at the BSE International Hall of the Bombay Stock Exchange. The Chief Minister was speaking at the time. Deputy Chief Minister Eknath Shinde, Deputy Chief Minister Ajit Pawar, MLAs Mahesh Landge, Shankar Jagtap, Amit Gorkhe, MLA Umatai Khapre, Chief Secretary Sujata Saunik, Mumbai Municipal Corporation Commissioner Bhushan Gagrani, Pimpri Chinchwad Municipal Corporation Commissioner Shekhar Singh, Upper Chief Secretary Asim Gupta, Principal Secretary Dr. K Govindaraj, Managing Director of Bombay Stock Exchange Sundaram Ramamurthy were present on the occasion.
Chief Minister Mr. Fadnavis said that the green bonds issued by Pimpri-Chinchwad Municipal Corporation received a good response from the public. Investors invested heavily. Within a few minutes of the issue of the bonds, an investment of Rs 100 crore was made through this. After that, the number of investors increased fivefold. This shows the confidence of investors in green bonds. The tenure of these bonds is 5 years and a competitive interest rate of 7.85 percent has been fixed for it.
The process of listing debt securities on the stock market is very complicated. The process of listing has been completed by fulfilling the corporate terms and conditions. Infrastructure works will be completed from this fund. These works will also be green, environmentally friendly and sustainable. The Municipal Corporation has also received an incentive grant of Rs 20 crore from the Central Government due to the issuance of green debt securities, said Chief Minister Fadnavis on this occasion. The Chief Minister congratulated the entire system of the Municipal Corporation. Before the program, the debt securities were listed on the Mumbai Stock Exchange by ringing the bell.
About Green Debt Securities..
The Municipal Corporation has successfully raised a fund of Rs 200 crore through green debt securities. Green debt securities were issued through private investment on the electronic tender system of the Bombay Stock Exchange (BSE). Underscoring the trust of investors in Pimpri Chinchwad Municipal Corporation, the principal amount of Rs 100 crore was paid within a minute of the issue, while a total of Rs 513 crore bids were received, i.e. the bond received 5.13 times more demand. The Green Debt Bond issue has been rated ‘AA+’ by CRISIL and CARE. The funds raised from the Green Debt Bond will be used for two important infrastructure projects, namely the Green Bridge Project in Nigdi Authority and the Telco Road Development Project between Gawlimatha and Indrayani Nagar Chowk.
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