Ahmedabad Municipal Corp lists bonds on NSE

Ahmedabad Municipal Corporation listed its bonds on the debt securities platform of the National Stock Exchange (NSE) Thursday.

The civic governing body of Ahmedabad issued bonds aggregating Rs 100 crore with a greenshoe option of the same amount on January 11 and received a record subscription of Rs 1,085 crore from 19 institutions.

Proceeds of the issue will be utilised towards the central government scheme, Amrut, which focuses on development of urban infrastructure.

"AMC has ambitious plans for the city and fund raising through bonds is a welcome mode," Ahmedabad Municipal Commissioner Vijay Nehra said in a statement.

"Ahmedabad has significant projects lined up for future and is looking forward to more such fund raising bond issue going forward," Ahmedabad Mayor Bijal Patel said.

Ravi Varanasi, chief business development officer at NSE said the exchange has emerged as a platform of choice for price discovery and listing of debt securities.

"We are happy to provide a platform helping AMC to raise funds efficiently for urban development projects," he added.