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Following the listing of Indore Municipal Corporation’s bonds on the NSE on Thursday, the Madhya Pradesh Government is expecting at least three more issuances of such bonds in the next three to four months. These are by the municipal corporations of Bhopal, Jabalpur and Gwalior
Indore Municipal Corporation (IMC) received subscriptions amounting to ₹214.9 crore for the 10-year bonds against the original issue size of ₹100 crore plus a green shoe option of ₹70 crore. It accepted ₹139.9 crore at 9.25 per cent, the NSE said in a statement. The Swachh Survekshan had declared Indore as the cleanest city in the country in 2018.
Shivraj Singh Chouhan, Chief Minister, Madhya Pradesh, said, “We have plans to tap the bond market for the development of infrastructure in the State... We are expecting at least three more issuances of Municipal Corporation Bonds from Bhopal, Jabalpur and Gwalior in the next three to four months.”
NSE said the municipal bonds of the IMC have earned the distinction of being the first-ever municipal bonds to list on the debt market platform of the exchange. “IMC will be the third in the country to issue municipal bonds for implementing Central government scheme — AMRUT (Atal Mission for Rejuvenation and Urban Transformation) and Swacch Bharat Mission,” the statement said.
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