In a significant financial milestone, Tamil Nadu’s Chief Minister M K Stalin oversaw the listing of the Greater Chennai Corporation’s municipal bonds on the National Stock Exchange. The corporation successfully raised Rs 200 crore, earmarked for the Integrated Storm Water Drainage Project (ISWD) in Kosasthalaiyar basin, vital for enhancing Chennai’s flood prevention infrastructure and fostering sustainable urban growth.
The bond issue saw outstanding investor interest, with subscription rates climbing to 4.21 times the base issue of Rs 100 crore, reflecting strong confidence in Chennai’s robust financial management. The bonds were issued with a noteworthy AA+ rating from India Ratings and Acuite Ratings.
Further financial backing came through the Project Sustainability Grant Fund, and a Rs 26 crore incentive under the AMRUT 2.0 scheme from the central government, aimed at reducing the city’s municipal bond fundraising costs. This event saw participation from notable figures, including state ministers and the Chennai Mayor.
(With inputs from agencies.)