GHMC makes history by listing bonds on Bombay Stock Exchange

The Greater Hyderabad Municipal Corporation (GHMC) embarked upon a new journey on Thursday with the civic body listing its Municipal bonds worth Rs.200 crore through the Bombay Stock Exchange (BSE).

Chief Secretary SK Joshi and Mayor Bonthu Rammohan formally rang a gong announcing the bonds listing ceremony.Speaking on the occasion, Joshi wanted the GHMC to strive for an AAA positive credit rating from the existing AA stable rating.

“This is a historic day for GHMC and just the tip of an iceberg for taking up different developmental works through issue of bonds,” he said.The Rs.200 crore raised through issue of Municipal bonds will be exclusively used for taking up works under the Strategic Road Development programme.

Mayor Bonthu Rammohan said the response for the electronic bidding of bonds was phenomenal. In just three minutes, Rs.455 crore worth bonds were subscribed and



GHMC plans to raise another Rs.800 crore through the bond market, he said.

MA &UD Principal Secretary Arvind Kumar said the civic body has to be disciplined in utilizing the Rs.200 crore funds raised through the bond market.This was just the beginning and many innovative funding patterns for taking up infrastructure development works would follow, he said.

BSE Limited Chief (Business Operations) Neeraj Kulshrestha said GHMC was ranked second among the Municipal Corporations in the country due to its transparency and self-sufficiency.

Hyderabad was no more confined to being a Municipal Corporation in the country as it was making a mark on the global platform.

“There have been enquiries from United States Treasury and Asian Infrastructure Investment Bank in China soon after the electronic bidding for bonds occurred,” he said.