Indore civic body introduces bonds to raise funds for solar power plant
Bhopal: Green bonds worth ₹244 crore issued by the Indore Municipal Corporation to build a solar power plant was unexpectedly oversubscribed to the tune of ₹661 crore on the first day of issuance, officials said on Saturday.
After approval from the capital markets regulator, the municipality issued municipal bonds of ₹1,000 each on Friday, according to mayor Pushyamitra Bharagava. The public issue closes on Tuesday.
The bond was issued to mobilise funds to set up a 60 MW solar power plant in Jalud village in neighbouring Khargone district that will be used to draw water from the Narmada river and supplying it to Indore, Bharagava said.
