GCC lists municipal bonds worth Rs 2 billion on NSE

The Greater Chennai Corporation (GCC) has listed municipal bonds worth Rs 2 billion on the National Stock Exchange (NSE). GCC has become the first civic body in Tamil Nadu to achieve this milestone. The GCC raised Rs 2 billion at a coupon rate of 7.97 per cent per annum over a 10-year tenure. The base issue size was Rs 1 billion against which bids worth Rs 4.21 billion was received. The proceeds will be utilised for the integrated storm water drainage project (ISWDP) in Kosasthalaiyar Basin.