Mumbai, Mar 26 (PTI) The Vadodara civic body is aiming to raise another Rs 200 crore through the municipal bonds route by July this year, people familiar with the development have said.
The Vadodara Municipal Corporation body has received the necessary approvals from authorities for the proposed ‘blue bond’ issue, the sources told PTI.
The credit rating process for the bonds is currently underway and is expected to be completed in the next few weeks, they said.
Blue bonds are typically issued to finance water management and marine-related projects are expected to get incentives similar to those available for green bonds. The corporation will also be eligible for an incentive from the central government which typically gets for the issuance of bonds, according to sources.
The corporation issued municipal bonds in 2022 and raised Rs 100 crore, and issued globally certified green bonds in 2024 for another Rs 100 crore. These bonds were raised at a coupon rate of 7.15 per cent and 7.9 per cent.
In FY25, the corporation has a revenue income of Rs 1,619.60 crore, which was lower compared to Rs 1,644.59 crore in the year-ago period. It had a revenue expenditure of Rs 1,623.87 crore in FY25, as compared to Rs 1,566.70 crore in FY24. PTI MSU AA MR
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