Indore Municipal Corporation Pays ₹35 Crore As First Instalment Of Private Placement Bond

Indore (Madhya Pradesh): In a step toward sound financial management, Indore Municipal Corporation (IMC) has successfully made the first bullet payment of ₹35 crore for its private placement bonds issued in June 2018.

The bonds, totalling ₹139.90 crore, were issued to fund capital expenditure under the AMRUT-1 (Atal Mission for Rejuvenation and Urban Transformation) scheme.

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Mayor Pushyamitra Bhargav said that IMC made history in 2018 by becoming India’s first Urban Local Body (ULB) to list its bonds on the National Stock Exchange (NSE). That landmark issuance paved the way for even larger financial initiatives, he added.

Building on that success, in February 2023, IMC set another national record by becoming the first ULB in India to raise capital through a public bond issue.

The ₹244 crore public issue was aimed at establishing a 60 MW captive solar power project. It received an overwhelming response from investors across 28 states, reflecting Indore’s strong reputation and growing investor confidence.

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Municipal commissioner Shivam Verma stated that since 2018, IMC has met all its financial obligations on time, with no delays or defaults in interest payments. The June 27 payment is further evidence of IMC’s commitment to financial discipline, transparency and investor trust, he added.

Bhargav also noted that IMC has maintained a strong financial governance framework, earning an “AA+” credit rating from India Ratings & Research, indicating high credit quality and low investment risk.