GHMC floats Bonds worth Rs 200 cr thru’ BSE

GHMC floats Bonds worth Rs 200 cr thru’ BSE
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Mayor B. Rammohan, along with Chief Secretary SK Joshi, today stared bonds listing ceremony. The GHMC started the new journey with the civic body listing its Municipal Bonds worth Rs 200 crore through Bombay Stock Exchange (BSE).

The Chief Secretary said the GHMC has to strive for an AAA positive Credit rating from the existing AA stable rating> He also said the GHMC will take up various developmental activity and other works under Strategic Road Development Program through issue of bonds utilizing Rs 200-crore funds raised through the bond market.

Rammohan said the tremendous response for the electronic bidding of bonds was observed and in just three minutes Rs 455 crore worth bonds were subscribed and GHMC was planning to raise another Rs 800 crores through the bond market in the coming days.

Aravind Kumar, IAS, Principal Secretary, MA&UD said the GHMC must utilize these funds for overall development of SRDP works and also take up many innovative funding patterns for taking up infrastructure development works in the near future. Finance Principal Secretary Ramakrishna Rao, IAS, praised the efforts made by the GHMC officials for taking up an innovative imitative for raising of funds through bonds.

GHMC Commissioner Dr B. Janardhan Reddy explained about the process held at Bombay and praised the efforts and encouragement from the Municipal Minister with regard to issue of bonds to stock exchange and thanked all the officials for their effective role in making the program a grand success.

Neeraj Kulshrestha of BSE Ltd said the GHMC was ranked 2nd among the Municipal Corporations in the Country due to its transparency and self-sufficiency and the GHMC is the one of the Municipal Corporations in the Country that was making a mark on the global platform.

Ashish Sable, Senior vice President and Head of Debt Capital Market SBI Caps Arranger, Sanjay Gupta, Associate Director, SPA Capital Advisors also spoke. Bharathi Holikeri, Addl. Commissioner, proposed a vote of thanks. (NSS)