The bond issue received an overwhelming response from investors, garnering bids worth Rs 225 crore — nine times the issue size during the one-hour subscription window on NSE, the corporation said in a statement.
The civic body becomes the fifth urban local body in Gujarat after Ahmedabad, Surat, Vadodara and Rajkot and the 17th in the country to issue municipal bonds.
Established in 2010, GMC is also the youngest ULB in the country to do so. The bonds carry a coupon rate of 7.65 per cent, it added.
“Today, as Gujarat celebrates 20 years of progressive urban transformation, the state government observes the year 2025 as the ‘Year of Urban Development’, this milestone has become a proud moment for Gujarat,” Gujarat Chief Minister Bhupendra Patel said.
