Greater Hyderabad municipality raises Rs 2 billion through 10-year bonds

The funds raised will be used for road development in the city

The Greater Hyderabad Municipal Corporation (GHMC) on Wednesday raised Rs 2 billion through 10-year bonds. 

With the issuance of bonds, the GHMC became the second local body, after its counterpart in Pune, to raise funds through this route in the current financial year. 

The Pune Municipal Corporation had raised Rs 2 billion in June last year. 

SBI Capital Markets, the investment banking arm of State Bank of India was the sole arranger for the issuances in both cases.  

The issue was oversubscribed two times its size. The coupon for the bonds was fixed at 8.90 per cent. It was subscribed by insurance, pension