Indore Municipal Corporation (IMC) on Tuesday said it has listed its green bonds on the National Stock Exchange (NSE). The public issue of IMC bonds got an overwhelming response with an overall subscription of 5.91 times the issue size, the NSE said in a statement.
The issue would give impetus to the development of green financing and contribute towards India’s vision for transition towards a clean and green energy future. "The launch of Green Bond issue by Indore Municipal Corporation is a great example of cooperative federalism & depth of local governance model in India," Ashishkumar Chauhan, MD & CEO, NSE, said.
Municipal bonds provide an alternative means of financing urban local bodies and reduce the dependency on central and state grants. They will bring foreign investors who specialize in sustainable financing and invest in projects with environmental, social and governance considerations.
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