SMC raises Rs. 200 crore on BSE Bond Platform

Surat Municipal Corporation (SMC) successfully raised Rs. 200 crore by issuing municipal bonds on a private placement basis using the BSE Bond Platform, on Wednesday. 
  
SMC is the second municipal corporation from Gujarat after Ahmedabad Municipal Corporation that raised funds on BSE's bond platform, this year. 

“I am happy that SMC raised Rs. 200 crore successfully using the BSE Bond Platform, a market leading platform for bond raising in India. BSE firmly believes that Indian Bond Market is poised for substantial growth and India can use its domestic savings to fund its infrastructure needs in a substantial manner,” said Ashishkumar Chauhan, MD & CEO, BSE while speaking on the occasion.

Dr. Jagdishbhai Patel, Mayor of SMC said, “SMC is a forerunner in reforms by providing better civic amenities. The benchmark of various services of SMC is much higher than eligible limits.  We are extremely happy for the platform provided by BSE which enabled us to raise Rs. 200 crore at competitive rates against prevailing market yield for strategic upgradation and enhancement of sewerage treatment projects." 

BSE Bond platform was launched in July, 2016 to help issuers raise debt on a private placement basis. The platform is a user-friendly system that aids better price discovery and adds transparency to the overall process of fundraising. Market participants like issuers, arrangers, sub-arrangers and Qualified Institutional Investors (QIB) can participate on this platform. 

Meanwhile, on Thursday, at 11:28 hours, the stock of BSE Limited was trading at Rs. 569.00 per share, down 0.16 per cent.