Following the footsteps of urban bodies like Hyderabad and Pune, Indore Municipal Corporation (IMC) today listed its bonds on the debt market platform of the National Stock Exchange (NSE).

IMC is the civic governing body of the city of Indore, ranked as the cleanest city in the country. It will be the third in the country to issue municipal bonds for implementation of the central government scheme, Amrut and Swacch Bharat Mission.

Indore Municipal Corporation issued bonds aggregating ₹100 crore with green shoe option of ₹70 crore on June 29 and received an overwhelming response with an over-subscription of 1.26 times.

“We have plans to tap bond market for the development of infrastructure in the state. After successful bond issue of Indore Municipal Corporation, we are expecting at least three more issuances of municipal corporate bonds from MP in next 3 to 4 months, namely Bhopal, Jabalpur and Gwalior,” Madhya Pradesh chief minister Shivraj Singh Chouhan said after listing here.

Madhya Pradesh is home to large infrastructure projects and is fast becoming a hub for emerging listed corporates. Over 18 companies have been listed on the SME platform over the past two years. The Swachh Survekshan has declared Indore as the cleanest city of India in 2018.

Vikram Limaye, MD and CEO, NSE said, “On the development of the debt capital market, NSE has demonstrated its commitment and listed its first ever municipal bond on debt market segment.”

NSE’s Electronic Debt Bidding platform (NSE-EBP) now has become the preferred choice among blue chip companies, leading banks and state-owned companies. NSE-EBP is the most versatile platform with bespoke parameters offering the best in class functionalities including reporting and in-principle approvals.

“Majority of the PSU issuers are active on the NSE-EBP portal because of its flexibility and feature richness,” Limaye said.

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