The bond funds will be strategically allocated to support the implementation of a range of green initiatives; The Green Bond garnered subscriptions amounting to Rs415 crores within a mere 4 seconds of its opening
Ahmedabad Municipal Corporation's Rs200 crore green bond has been oversubscribed by 13.60 times
FinTech BizNews Service
Mumbai, February 8, 2024: Chief Minister Shri Bhupendra Patel listed the Rs. 200 crore municipal green bond of Ahmedabad Municipal Corporation on the Bombay Stock Exchange (BSE) after performing the Bell Ringing Ceremony in Ahmedabad, alongside Mayor Smt. Pratibha Jain, Deputy Mayor Shri Jatin Patel, and other senior officials.
Ahmedabad Municipal Corporation has opted for the Rs. 200 crore municipal green bond initiative to accelerate and achieve the target of Net Zero for Sustainable and Environmentally Friendly Development set by Prime Minister Shri Narendra Modi, thereby becoming the first Municipal Corporation in the state to list such a green bond.
This green bond, used for sustainable and environmentally balanced development projects in Ahmedabad city, aims 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.
The bidding for Gujarat's first municipal green bond, valued at Rs. 200 crores, commenced on February 5th at 11:00 am, hosted by the Ahmedabad Municipal Corporation on an online bidding platform. Within a mere 4 seconds of its opening, subscriptions totalling Rs. 415 crores were received for Ahmedabad Municipal Corporation's AA+ credit-rated Green Bond, surpassing the bond size.
By the time the bidding period expired, subscriptions totalling Rs. 1360 crore had been received from 30 different investors, resulting in Ahmedabad Municipal Corporation's Rs. 200 crore green bond being oversubscribed by 13.60 times.
At the occasion of the green bond listing, dignitaries including the Mayor of Ahmedabad Smt. Pratibha Jain, Principal Secretary of Urban Development and Urban Housing Department Shri Ashwani Kumar, Ahmedabad Municipal Commissioner Shri M. Thennarasan, Deputy Mayor Shri Jatin Patel, Deputy Commissioner of Finance Shri Arjav Shah, Chief Business Officer of BSE Shri Sameer Patil, and Director and President of SBI Capital Market were present.
