Ahmedabad Municipal Corporation Makes History with Green Bond Listing on BSE

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Ahmedabad Municipal Corporation Makes History with Green Bond Listing on BSE

| Updated: February 8, 2024 15:37

Ahmedabad Municipal Corporation (AMC) has become the first municipal corporation in Gujarat to list a Green Bond on the Bombay Stock Exchange (BSE). The listing was inaugurated by Chief Minister Bhupendra Patel in a bell-ringing ceremony on Thursday, attended by Mayor Pratibha Jain and other dignitaries.

The Green Bond, a landmark issuance worth Rs. 200 crore and boasting a AA+ credit rating, received an overwhelming response. It attracted subscriptions worth a staggering Rs. 1360 crore, with Rs. 415 crore subscribed within the first four seconds of its listing. This robust interest underscores the growing investor confidence in Ahmedabad’s commitment to sustainable development.

The bond issuance is in line with Prime Minister Narendra Modi’s vision of achieving “Net Zero” for sustainable and environmentally friendly development. The funds raised will be directed towards vital green projects in the city. These include renewable energy generation and a “zero liquid discharge” initiative, which aims to purify sewage water for industrial use.

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