Greater Hyderabad Municipal Corporation raises Rs 200 crore by listing bonds

Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC) on Thursday listed its municipal bonds — worth Rs 200 crore — on the Bombay Stock Exchange (BSE).

Telangana Chief Secretary S.K. Joshi and Mayor Bonthu Rammohan formally rang a gong at BSE announcing the listing of bonds on Thursday.

“The GHMC should strive for an AAA positive credit rating from the existing AA stable rating,” Mr Joshi said. He said funds raised through the bonds, will be used for the Strategic Road Development programme.

Mayor Bonthu Rammohan said the response for the electronic bidding of bonds was good. In three minutes, Rs 455 crore worth bonds were subscribed and GHMC plans to raise another Rs 800 crore through the bond market, he said. MA&UD principal secretary Arvind Kumar said GHMC need to be disciplined in utilising the funds raised through the bond market.