The Greater Hyderabad Municipal Corporation (GHMC) has raised ₹195 crore at an interest rate of 9.38 per cent through the second tranche of bonds on the Electronic Bidding Platform of the BSE.
The GHMC claimed it has a market share of 15 per cent in the municipal bond market which is pegged at ₹2,200-2,500 crore.
“Though the bond issue was subscribed 250 per cent we have decided to retain only ₹195 crore at the cut-off rate,” a GHMC official said on Monday.
The GHMC had raised ₹200 crore using the new financial instrument in February this year.
“We have decided to go for the second tranche after we consumed all the funds raised for the Strategic Road Development Programme,” he said.