IMC raises Rs 6.62 billion on first day of green bond issue

Indore Municipal Corporation (IMC) has raised Rs 6.62 billion on the first day for a public issue green bonds.

This was to raise capital for the establishment of a solar power plant worth Rs 2.44 billion. The green bonds were sold at 5.42 times more than the base price at Rs 1.22 billion. IMC will install a 60 MW ground mounted captive solar photovoltaic project in Khargone district in Madhya Pradesh.