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GCC bond gets 4.21 times bidding, market thumbs up
The New Indian Express
|May 27, 2025
THE Greater Chennai Corporation (GCC) became the first municipal corporation in Tamil Nadu to raise funds for infrastructure projects through bonds as it listed municipal bonds worth ₹200 crore on the National Stock Exchange (NSE) on Monday.
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Government sources said the bond has been received well by the market with the bidding being oversubscribed 4.21 times at ₹421 crore.
Chief Minister M K Stalin presided over the bell ceremony to mark the listing of the bond at an event held at Kalaivanar Arangam in Chennai.
The funds raised would be spent on the Integrated Stormwater Drainage Project in the Kosasthalaiyar Basin.
NSE chief economist Tirthankar Patnaik said that three more TN municipal corporations—Coimbatore, Tiruppur, and Tiruchy—were also in the process of raising ₹100 crore each via municipal bonds.
Denne historien er fra May 27, 2025-utgaven av The New Indian Express.
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FLERE HISTORIER FRA The New Indian Express
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