Nashik civic body plans to raise Rs100cr through green municipal bonds
Nashik: The Nashik Municipal Corporation (NMC) is set to raise Rs100 crore through the issuance of municipal green bonds. This move mirrors a similar initiative undertaken by the Pimpri Chinchwad Municipal Corporation (PCMC).
The funds secured from these green bonds will be dedicated to various environment-friendly projects in preparation for the upcoming Simhastha Kumbh Mela. These initiatives will encompass crucial areas such as water supply management, waste management, and other related environmental efforts.
Municipal commissioner Manisha Khatri , while talking to TOI, said, "We are working in that direction to raise the funds as we will need funds for various green projects in view of the upcoming Simhastha Kumbh Mela.
We will raise around Rs100 crore through the green municipal bonds."
She also highlighted that central govt offers incentives to municipal corporations that raise funds for green projects through such bonds.
The PCMC recently raised Rs200 crore through green municipal bonds and became the first municipal corporation in Maharashtra to do so. The bond issue witnessed substantial investor interest, being oversubscribed by 5.1 times. The bonds were floated via private placement on the BSE's Electronic Bidding Platform and attracted bids worth Rs513 crore, oversubscribing the offer by 5.13 times. The base issue of Rs100 crore was fully subscribed within just one minute of opening, indicating strong investor confidence.
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