2 days ago
VMC releases book on Green Bonds issue at Sebi event
Vadodara: The successful issuing of Green Bonds by the Vadodara Municipal Corporation (VMC) has become a case study for other civic bodies in the country.
The VMC has come up with a book titled 'The Green Book', which can be a guide for those wanting to study the process and utilization of the bonds.
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The bond issue of the civic body, which opened on March 1, 2024, was oversubscribed, getting bids amounting to Rs 1,460 crore. It was brought out with the help of the US Treasury office and Deloitte and is considered a landmark in the history of municipal finance using bonds. These bonds were the most subscribed municipal bonds ever in the country.
The Green Book, drafted with Deloitte, provides detailed information about how the civic body went about the process of bringing out the bonds.
It also talks about the challenges faced by the civic body.
The booklet was released at a workshop for municipal corporations organized by the Securities and Exchange Board of India (Sebi) on 'pool financing' and 'being market ready'.
"The event focused on alternative and smart initiatives to raise money for municipal projects," said VMC standing committee chairman Sheetal Mistry. The workshop was attended by mayor Pinki Soni, VMC commissioner Arun Mahesh Babu, chief accountant Santosh Tiwari and others.
