Indore Municipal Corporation's Green Bond: A Milestone in Urban Sustainability
Indore Municipal Corporation's Green Bond: A Milestone in Urban Sustainability Introduction 1 Overview of the Green Bond Issue 1 Investor Response and Subscription Details 2 Utilization of Funds 2 Listing and Future Implications 2 Conclusion 3 Introduction In February 2023, the Indore Municipal Corporation (IMC) achieved a significant milestone by issuing green municipal bonds to fund a 60 MW solar power project in Madhya Pradesh's Khargone district. This initiative marks a pioneering step for urban local bodies in India, showcasing a commitment to sustainable development and financial innovation.( mercomindia.com ) Overview of the Green Bond Issue The IMC's green bond issue aimed to raise ₹244 crore, with a base issue size of ₹122 crore and an option to retain oversubscription up to ₹122 crore. The bonds were structured into four separately transferable and redeemable principal parts (STRPPs), each with a face value of ₹250, corresponding to tenors of 3, 5, 7...