Indore Municipal Corporation issues bonds for works under AMRUT

The Indore Municipal Corporation has issued Rs 1.7 billion worth of bonds to finance various development works in the city under AMRUT. The public issues of these bonds were listed on the National Stock Exchange. Of the funds to be spent for the city under AMRUT, Rs 6.29 billion will be used for the augmentation of the city’s drinking water system, Rs 2.68 billion for sewerage system development, Rs 100 million for the drainage system for floodwater, and the remaining for other works including urban transport. The bonds have been issued for 10 years with six-monthly interest payments. After seven years, the investor will be able to withdraw 25 per cent of the bond amount each year.