Greater Hyderabad Municipal Corporation has raised Rs 200 crore by issuing bonds to finance strategic road development programme through BSE's electronic book mechanism platform.
This was the second civic body in the country to raise money by issuing bonds on BSE. In June last year, Pune Municipal Corporation had also raised Rs 200 crore through the BSE-BOND platform.
The BSE-BOND was launched on July 1, 2017, to facilitate online bidding for private placement of debt securities. In 2017-18 so far, 76 entities have completed 386 issues of bonds and raised over Rs 1.51 lakh crore using the platform.
Some of the companies that tapped the platform include PFC, NHAI, HDFC, Axis Bank, NABARD and Yes Bank.
"On February 14, 2018, Greater Hyderabad Municipal Corporation (GHMC) successfully raised Rs 200 crore by issuing bonds on private placement basis using BSE BOND platform," the exchange said in a statement issued today.
"We are extremely happy for the platform provided by BSE which enabled us to raise Rs 200 crore at competitive rates for strategic road development programme," GHMC Municipal Commissioner B Janardhan Reddy said.
BSE MD and CEO Ashishkumar Chauhan said that the exchange firmly believes that Indian bond market is poised for a substantial growth and India can use its domestic savings to fund its infrastructure needs in a substantial manner.
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