Hyderabad: GHMC Mayor Dr. B. Rammohan and Telangana Government Chief Secretary Shailandar Kumar Joshi formally rang a gong announcing the bonds listing ceremony today.
The GHMC started a new journey with the civic body listing its Municipal Bonds worth Rs. 200 crores through Bombay Stock Exchange (BSE).
The Chief Secretary, while addressing the gathering, said that the GHMC has to strive for an AAA positive Credit rating from the existing AA stable rating, he further stated that the GHMC will take up various developmental activity and other works under strategic road development programme through issue of bonds utilising Rs. 200 crores funds raised through the bond market.
The Mayor said that tremendous response for the electronic bidding of bonds was observed and in a span of just 3 minutes Rs. 455 crores worth bonds were subscribed and GHMC is planning to raise another Rs. 800 crores through the bond market in the coming days.
This is the vision and idea of the Hon’ble CM and also initiative and encouragement from the Hon’ble Minister for MA&UD the GHMC has created a history today said the Mayor.
MA&UD Principal Secretary Aravind Kumar said that the GHMC must utilize these funds of Rs. 200 crores for overall development of SRDP works on top priority and also to take up many more innovative funding patterns for taking up infrastructure development works in the near future.
Finance Department Principal Secretary Ramakrishna Rao praised the efforts made by the GHMC officials for taking up an innovative imitative for raising of funds through bonds.
GHMC Commissioner Dr. B. Janardhan Reddy explained in detailed about the process held at Bombay and praised the efforts and encouragement from IT Minister K. Tarakarama Rao with regard to issue of bonds to stock exchange and thanked all the officials concerned for their effective role in making this programme grand success.
BSE Ltd., Chief Neeraj Kulshrestha said that the GHMC was ranked 2nd among the municipal corporations in the country due to its transparency and self sufficiency and the GHMC is the one of the municipal corporation in the Country making a mark on the global platform.
Ashish Sable, Senior vice President and Head of Debt Capital Market SBI Caps Arranger, Sanjay Gupta Associate Director, SPA Capital Advisors have also addressed the gathering.
Bharathi Holikeri, Addl. Commissioner has proposed a vote of thanks and senior officials of various government head of the departments have participated in the programme. (INN)