INDORE, Madhya Pradesh: The Indore Municipal Corporation (IMC) received an overwhelming response to its green bonds issued for setting up solar power plants after attracting a subscription of ₹721 crore, which is almost six times more than the base price of ₹122 crore. Officials from IMC stated that this is a first-of-its-kind initiative by any civic body in the country.
The officials also stated that on the first day of the opening of the bond, it received a subscription of ₹661.52 crore. While it received a subscription of ₹204.57 crore from corporate investors and ₹229.35 crore was raised from institutional investors.
The officials further added that ₹176.33 crore and ₹110.50 crore were received from retail investors and High Net-Worth Individuals (HNIs) respectively.
The money raised will be used for setting up a solar power plant to generate electricity to bring water from Narmada River in Jalud village to the neighbouring Khargone district which is 80 kilometers away from Indore. The IMC spends around ₹300 crore every year to bring Narmada water from Jalud to Indore.