Indore Municipal Corporation to issue green bonds to raise Rs 2.45 billion

The Indore Municipal Corporation will be floating a green bond to raise Rs 2.45 billion for a 60 MW ground-mounted captive solar PV project in Khargone district, Madhya Pradesh. The bonds will have a base issue size of Rs 1.22 billion with a greenshoe option of a similar amount. The tenor of the green municipal bonds will be three, five, seven and nine years with a coupon rate of 8.25 per cent.