Amdavad Municipal Corporation’s (AMC) green bonds were listed on the Bombay Stock Exchange (BSE) by chief minister Bhupendra Patel in a ceremony. Ahmedabad mayor Pratibha Jain and deputy mayor Jatin Patel were present at the event.
Other dignitaries included principal secretary of urban development and urban housing department Ashwani Kumar, Ahmedabad municipal commissioner M Thennarasan, deputy commissioner of finance Arjav Shah, chief business officer at BSE Sameer Patil, and director and president of SBI Capital Market Rajay Kumar Sinha.
To achieve their goals earmarked in budget 2024 of the city being ‘net zero’, the Amdavad Municipal Corporation (AMC) issued the first municipal green bonds in Gujarat and mustered ₹200 cr.
The initial minutes of online bidding for green bonds saw an oversubscription of 13.60% with ₹415 cr bid against ₹200 cr bonds.
The state’s first green bond was launched on the online bidding platform in the presence of municipal commissioner M Thennarasan on Feb 4.
These bonds with an AA+ credit rating received a huge response; by 12 p.m. on the day of launch, a subscription of ₹1,360 cr was received from 30 investors.