Gujarat: Ahmedabad Municipal Corporation Makes History With Green Bond Oversubscribed 13.6 Times

Gujarat: Ahmedabad Municipal Corporation Makes History With Green Bond Oversubscribed 13.6 Times

Within the first four seconds of its listing, subscriptions had already reached a remarkable Rs. 415 crore.

Melvyn ThomasUpdated: Thursday, February 08, 2024, 02:24 PM IST
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Ahmedabad Municipal Corporation Makes History with Green Bond Oversubscribed 13.6 Times |

Gujarat: The Ahmedabad Municipal Corporation (AMC) has etched its name in the annals of green finance by becoming the first municipal corporation in Gujarat to list a Green Bond on the Bombay Stock Exchange (BSE). Chief Minister Bhupendra Patel inaugurated the listing with a bell-ringing ceremony on Thursday in the presence of Mayor Pratibha Jain and other dignitaries.

This landmark Rs. 200 crore Green Bond, boasting a AA+ credit rating, garnered an astounding response, attracting subscriptions worth a staggering Rs. 1360 crore! Within the first four seconds of its listing, subscriptions had already reached a remarkable Rs. 415 crore. This overwhelming interest demonstrates the growing investor confidence in Ahmedabad's commitment to sustainable development.

The bond issuance aligns perfectly with Prime Minister Narendra Modi's vision of achieving "Net Zero" for sustainable and environmentally friendly development. The funds raised will be channeled towards crucial green projects in the city, including renewable energy generation and a "zero liquid discharge" initiative aimed at purifying sewage water for industrial use.

CM Speaks On Benefits To Environment

"This Green Bond is a testament to Ahmedabad's leadership in embracing sustainable practices," said Chief Minister Bhupendra Patel. "The overwhelming response from investors reflects their confidence in our commitment to environmental responsibility and building a greener future for our city."

Mayor Pratibha Jain echoed the sentiment, stating, "We are thrilled with the success of this Green Bond. It signifies the collective will of Ahmedabad's citizens and investors to work towards a cleaner and more sustainable future."

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