Ahmedabad Municipal Corporation (AMC) on Friday raised Rs 200 crore through municipal bonds maturing in five years.
The AMC was the first in South-East Asia to raise money through municipal bonds in 1998. The latest issue is the fifth time it has hit the market.
The last time it had raised money through bonds was in 2005. SBI Capital Markets acted as the sole advisor for the offering. The coupon of the bond will be fixed on Monday, calculating on the average cut-off of bids received through the electronic trading platform. The original plan was to raise Rs 100 crore, but the municipal body decided to receive Rs 200 crore after record bids worth Rs 1,085 crore was received.