MP: IMC green bond oversubscribed

The Indore Municipal Corporation’s (IMC) green bonds gets massive response from the investors as the subscription went up over Rs. 720 crore on closing day Tuesday.

The IMC has raised the bond to set up solar power plant of 60MW for which it required Rs.244 crore.

The power generated from the solar plant will be utilised to run pumps for water supply from river Narmada at Jalud village in adjoining Khargone district.

The river water is to be pumped from a distance of some 79 kilometers from a point at the river in Jalud to Indore. The civic body spends some Rs.300 crore annually on electricity bills to pump the water to this much distance.

It is first of its kind public offer by any civic body in the country, as per the officials.

On first day on February 10, the subscription was around Rs 660 crore.

The subscription from institutional investors amounts around Rs 229 crore, from the corporate investors is about Rs 204 crore, from high net-worth individuals Rs.110 crore and retail investors is Rs. 176 crore.

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