The Standing Committee of the South Delhi Municipal Corporation gave its nod for issuing bonds worth Rs 5 billion to raise funds for various projects. The financial instrument will be issued for a period of 10 years at an annual interest rate of 8.5 per cent. Of the money raised, Rs 1.8 billion is meant for setting up solar plants (total capacity of 77 MW) and the remaining Rs 3.2 billion for the construction of its new headquarters at IP Estate. The bonds are being issued under the Development of Solar Cities programme of the Ministry of New and Renewable Energy.
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