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IMC Plans to Issue First Municipal Green Bond

Published on November 29, 2022
Current Context: The Indore Municipal Corporation (IMC) is all set to issue India’s first retail municipal green bond.
IMC Plans to Issue First Municipal Green Bond
  • The municipal green bond will aim at retail investors, with the revenue going towards funding a solar power plant.
  • The solar power plant will be built in Indore for INR 3 billion and have a capacity of 60 MW.
  • If built successfully, the plant is expected will help the city to save INR 250 million on electricity bills monthly.
  • The IMC plans to sell a ten-year bond in December 2022 and is expected to raise INR 260 Cr (USD 31.8 million).
  • AK Capital Services Ltd and SBI Capital Markets Ltd have been chosen by the IMC as lead managers for offerings.

Question:

Q.1 Which of the following municipal corporation is planning to issue India’s first municipal green bond?
a. Brihanmumbai Municipal Corporation (BMC)
b. Indore Municipal Corporation (IMC)
c. Municipal Corporation of Delhi (MCD)
d. Municipal Corporation Ludhiana (MCL)
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