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Ahmedabad Municipal Corp plans to raise 2 bln rupees via 5-yr bonds

Friday, Jan 4

 

By Bhakti Tambe and Sunil Raghu

 

MUMBAI – Ahmedabad Municipal Corp plans to raise up to 2 bln rupees by issuing bonds of five-year maturity, for which it is likely to calls bids next week, an official told Cogencis today.

 

The civic body plans to use the proceeds to part-finance several projects such as laying of pipeline, construction of a water treatment plant, expansion of the existing sewerage treatment plant, construction of sewerage pumping and water distribution stations under the Atal Mission for Rejuvenation and Urban Transformation scheme.

 

The municipal bonds are rated AA+ (SO) by India Ratings.

 

In December, Greater Visakhapatnam Municipal Corp had raised 800 mln rupees through 10-year bonds at a coupon of 10%.  End

 

Edited by Ashish Shirke

 

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