IMC’s green bonds generate Rs 7.21 billion

Indore Municipal Corporation’s (IMC) non-convertible green municipal bonds have been oversubscribed 5.91 times, generation a total of Rs 7.21 billion.

The issue has a face value of Rs 1,000 each. The base issue size was Rs 1.22 billion with an option to retain oversubscription up to Rs 1.22 billion, aggregating up to Rs 2.44 billion. The institution/qualified institutional bidder category was subscribed the most with a total collection of Rs 2.29 billion, followed by Rs 2.05 billion from the corporate category, Rs 1.76 billion from retail category, and Rs 1.11 billion from the high networth individuals category. The issue opened on February 10, 2023 and closed on February 14, 2023. Notably, the green bonds were floated by the IMC for setting up solar power plants.