{"id":87454,"date":"2018-08-16T00:01:41","date_gmt":"2018-08-16T00:01:41","guid":{"rendered":"http:\/\/www.bnreport.com\/hyderabad-raise-rs-195-crore-via-muni-bonds-for-the-second-time\/"},"modified":"2018-08-16T00:01:41","modified_gmt":"2018-08-16T00:01:41","slug":"hyderabad-raise-rs-195-crore-via-muni-bonds-for-the-second-time","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/hyderabad-raise-rs-195-crore-via-muni-bonds-for-the-second-time\/","title":{"rendered":"Hyderabad raise Rs 195 crore via Muni bonds for the second time"},"content":{"rendered":"<p>Greater Hyderabad Municipal Corporation (<a href=\"https:\/\/economictimes.indiatimes.com\/topic\/GHMC\" rel=\"noreferrer\" target=\"_blank\">GHMC<\/a>) has raised Rs 195 crore crore by selling municipal bonds for the second time within four months, seeking to use the proceeds on road projects. <\/p>\n<p>The bonds offer 9.38% with 10-year maturity. <\/p>\n<p>\u201cFunds raised through the bonds shall be utilized to meet the funding requirements of the Strategic Road Development Plan (SRDP),\u201d said a top official from the GHMC. The bonds are rated AA by Care and India Ratings. The grade is one notch lower than the top grade. <\/p>\n<p>SBI Capital market has helped the local body to sell those bonds, which has been subscribed by private banks, provident funds and non-banking finance companies. <\/p>\n<p>It received bids of Rs 250 crore, of which it retained Rs 195 crore. <\/p>\n<p>The plan is part of a larger GHMC programme that proposes to provide skyways, conflict free corridors and improve travel time within cities, without traffic jams. <\/p>\n<p>The unsecured bond issue is backed by a structured payment mechanism. Under the structured payment mechanism, property tax and fees collected by HMC will be deposited every month in a separate no-lien escrow account, which will be used to service bond holders. <\/p>\n<p>Earlier in July, Indore, the commercial hub of central India and business capital of Madhya Pradesh, raised Rs 140 crore via municipal bonds, known as muni bonds in market parlance. They offered 9.25% with 10-year maturity. <\/p>\n<p>Five local bodies from the MP, including Indore, would collectively raise up to Rs 1,200 crore through the sale of municipal debt papers. <\/p>\n<p>Pune was the first local body to sell muni bonds in its new avatar as New Delhi prefers the bond market route to develop infrastructure across the country. <\/p>\n<p>The GHMC raised Rs 200 crore in the first tranche in February this year, offering 8.90%. <\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n<p><a href=\"https:\/\/economictimes.indiatimes.com\/markets\/bonds\/hyderabad-raise-rs-195-crore-via-muni-bonds-for-the-second-time\/articleshow\/65416082.cms\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n<p>[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\"\/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greater Hyderabad Municipal Corporation (GHMC) has raised Rs..<\/p>\n","protected":false},"author":1,"featured_media":87456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-87454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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