Pimpri-Chinchwad becomes India’s first civic body to raise funds from capital markets: Maha CM

Posted on by Vividh Bharathi

Mumbai, June 10 (IANS) Maharashtra Chief Minister Devendra Fadnavis said on Tuesday that the Pimpri-Chinchwad Municipal Corporation (PCMC) has issued green bonds, becoming India’s first municipal body to raise funds through the capital market.

“Prime Minister Narendra Modi has consistently emphasised the need for municipal corporations to be the key drivers of national development to become financially self-reliant. Responding positively to this vision, the Pimpri-Chinchwad Municipal Corporation (PCMC) has issued green bonds, becoming India’s first municipal body to raise funds through the capital market,” he said at a listing ceremony of PCMC’s green bonds held at the Bombay Stock Exchange (BSE).

Deputy Chief Ministers Eknath Shinde and Ajit Pawar, MLAs Mahesh Landge, Shankar Jagtap, Amit Gorkhe, Uma Khapare, Chief Secretary Sujata Saunik, Mumbai Municipal Commissioner Bhushan Gagrani, PCMC Commissioner Shekhar Singh, Additional Chief Secretary Asim Gupta, Principal Secretary K. Govindraj, and BSE Managing Director Sundaram Ramamurthy were present on the occasion.

Chief Minister Fadnavis said that PCMC’s green bonds received an overwhelming response from investors.

Within minutes of the issue, Rs 100 crore was raised, and investor interest grew fivefold thereafter, reflecting strong market confidence.

The bonds, with a five-year tenure, carry a competitive interest rate of 7.85 per cent.

Listing bonds on the stock exchange is a complex process involving strict corporate norms.

PCMC successfully completed this process, and the funds raised will be used for environment-friendly and sustainable infrastructure projects.

Additionally, the Central government has awarded an incentive grant of Rs 20 crore for issuing green bonds.

Chief Minister Fadnavis congratulated the entire municipal administration for this achievement.

Before the event, a ceremonial bell was rung to mark the official listing.

“PCMC has successfully raised Rs 200 crore via green bonds through private placement on BSE’s electronic bidding platform. The bonds received strong investor interest — Rs 100 crore was subscribed in just one minute, and bids worth Rs 513 crore were received in total, reflecting a 5.13 times oversubscription. The issue was rated ‘AA+’ by CRISIL and CARE. The funds will support key projects, including the Green Bridge Project in Nigdi Pradhikaran and the Talco Road Development from Gavalimatha to Indrayani Nagar Chowk,” said the Chief Minister’s Office in a statement.

Pimpri Chinchwad Municipal Corporation’s Commissioner Shekhar Singh said: “PCMC, launched Rs 200 crore bond, which was oversubscribed about 5.13 times eight investors showed confidence in PCMC, and thanks to all those eight investors who are involved in the bidding. We finally ended up raising about Rs 200 crore for the entire project. Thank you to all the investors who have shown real confidence in PCMC for the bond that we have raised. And it also pushes us and motivates us to deliver the project in time, which we will absolutely deliver in the next two years.”

–IANS

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AICC treasurer Maken said the AAP government was afraid of getting exposed, so it suppressed the CAG report which made revelations about the poor implementation of the Ladli Yojana.

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Maken also hit out at the AAP government for not building three old age homes in Sarita Vihar, Chhatarpur and Geeta Colony despite the Union government giving the land for the purpose in 2013.

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–IANS

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Gurugram, April 15 (IANS) Municipal Corporation of Gurugram (MCG) Mayor Rajrani Malhotra, along with MCG Commissioner Ashok Kumar Garg and other officials, visited various areas of the city on Tuesday to take stock of the sanitation arrangements and gave necessary instructions to the officials concerned.

The Mayor and Municipal Commissioner reached the secondary garbage collection points located at Beriwala Bagh, Jharsa, Carterpuri, and Khandsa.

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In the previous week, in a major crackdown against 33 vehicle owners and drivers, the MCG had recommended 29 FIRs and imposed a penalty on them for throwing garbage and debris in public places.

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“Kejriwal, who vocally reacted on the day Saif Ali Khan was attacked, has gone silent upon learning that the attacker is a Bangladeshi citizen,” Sachdeva said.

Though top leadership refrained from giving a rejoinder, AAP spokesperson Priyanka Kakkar took to X to slam the Modi government over alleged infiltration of intruders into the country via its porous Bangladeshi borders.

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Mohammad Shariful Islam Shehzad, the 30-year-old Bangladeshi national was arrested for allegedly stabbing actor Saif Ali Khan during a failed robbery attempt at his residence.

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