IMC to roll out green bond offering from Feb 10; to pull funds for new solar plant
Established to raise funds for developing a 60-megawatt solar plant at Jalud pumping station near Indore, Indore Municipal Corporation's (IMC) green bond venture will be a first-of-its-kind offering in India which will be issued by a city municipal authority for individual investors.
The bond is set to open up for public subscription on February 10 and will close on February 14. With this, it will also be listed on BSE and NSE on any suitable day after February 22.
Furthermore, IMC mayor, Pushyamitra Bhargav will also run a marketing campaign between February 3-9 to draw potential investors.
IMC is expecting to raise upto ₹250 crores
Ever since its announcement, IMC's green bond initiative has received nationwide acclamation and recognition among industrialists. The authority is expecting to raise a total of ₹250 crores through the venture which will be allocated to the construction of the solar plant project.
Notably, the green bond scheme has been innovated as an alternative to bank loans and government grants which are usually used for infrastructural needs and other city developments. The Madhya Pradesh government has already given its approval for the offering while IMC is presently seeking clearance from SEBI's side.
More about the proposed solar power plant
The expansive 60 mW solar power plant will be established about 80 km away from Indore near the Jalud pumping station. The power from the plant will further be utilized for supplying water to Indore city from the Narmada river at Jalud village neighbouring Khargone district.
Reportedly, IMC is now running various campaign to market its green bond venture, under this, IMC mayor will also hold a roadshow, webinar and an interactive session in Mumbai on Feb 6 to draw potential investors.