Indore (Madhya Pradesh): In a first, the Indore Municipal Corporation (IMC) is going to launch its green bonds as a public issue to raise more Rs 250 crore for setting up a 60 mega watt (MW) solar power plant at Jalud pumping station, about 80 kilometre from the city.
“The bond will open up for subscription on February 10 and close on February 14. The bond will be listed on BSE and NSE on any suitable day after February 22,” Mayor Pushyamitra Bhargav told Free Press.
The mayor is going publicise the green bond from February 3 to 9. He will hold a roadshow, hold a webinar and interact with potential investors in Mumbai on February 6. The following day, he will also hold roadshow and convene meeting of potential investors. On February 8 and 9, he will share details of the green bond with the media.
“The power generated at the solar plant set up from money generated from public issue will be spent in pulling water from Narmada river at Jalud village, which is neighbouring Khargone district and supply it to Indore,” said Bhargav.
The Madhya Pradesh government had given a nod to the IMC's green bond and efforts were initiated to get the Securities and Exchange Board of India's (SEBI) clearance for the project, he said.
Apart from Indore, people from other parts of the country can invest in the eight-year duration bonds and earn attractive returns.
Indore, which has bagged the tag of the cleanest city in the country six consecutive times, has a population of 35 lakh and is largely dependent on Narmada river for its water needs.
According to officials, the IMC has to foot a heavy bill of Rs 25 crore every month to bring water to Indore from Jalud village, which is 80 km away, and the solar power plant will help cut the expenditure.
