India's Vadodara Municipal Corporation (VMC) has raised 1 billion rupees ($12.07 million) by issuing Asia's first certified green municipal bond.

National

India's Vadodara Municipal Corporation (VMC) has raised 1 billion rupees ($12.07 million) by issuing Asia's first certified green municipal bond. The civic body from the western Indian state of Gujarat has set a semi-annual coupon of 7.90% on the issue. The proceeds from the issue will be used to build and enhance liquid wastewater management infrastructure across the city. The Vadodara civic body last accessed the bond market in 2022, raising 1 billion rupees via bonds maturing in five years at a semi-annual coupon of 7.15%.


      The bonds are rated AA+ by India Ratings and have received a green security certificate from the Climate Bond Initiative.

      SBI Capital Markets and Tipsons Consultancy Services are the arrangers for the bond issue.

     

 

     


          ____________________________