The Indore Municipal Corporation was founded in 1956 by the Madhya Pradesh Municipal Corporation Act, 1956, and was established under Article 243Q(1)(c) of the Constitution of India, 1949. Indore Municipal Corporation (IMC) is the city’s principal municipal authority.
Shri Pushyamitra Bhargav is currently the Mayor and Smt. Pratibha Pal, IAS, is the Corporation’s Commissioner (Nagar Aayukt). Indore is the capital of the Indian state of Madhya Pradesh and one of the most populous cities in the country. It serves as the administrative center for both the Indore District and the Indore Division. Indore is regarded an education hub since it houses campuses of both the Indian Institute of Technology and the Indian Institute of Management.
The municipal corporation is responsible for carrying out the provisions of the MPMC Act. Also, Indore Municipal Corporation holds a 50% equity shareholding of Indore Smart City Development Limited (ISCDL) which has been incorporated as a Special Purpose Vehicle to implement the smart city proposal of Indore Municipal Corporation under Smart City Mission (SCM).
The company has received rating of IND AA+/Stable by India Ratings and CARE AA; Stable by CARE Ratings Limited for the bonds proposed to be issued pursuant to this Issue.
Objects of the Issue
The Corporation proposes to utilize the proceeds raised through the Issue towards Funding capital expenditure towards the installation of 60 MW Ground Mounted Captive Solar PV Power Plant at Village Samraj & Ashukhedi, District Khargone in Madhya Pradesh.
Indore Municipal NCD February 2023 Detail
|Issue Open||Feb 10, 2023 – Feb 14, 2023|
|Security Name||Indore Municipal Corporation|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)|
|Issue Size (Base)||Rs 122.00 Crores|
|Issue Size (Shelf)||Rs 244.00 Crores|
|Issue Price||Rs 1000 per NCD|
|Face Value||Rs 1000 each NCD|
|Minimum Lot size||10 NCD|
|Market Lot||1 NCD|
|Credit Rating||IND AA+/Stable by India Ratings and CARE AA; Stable by CARE Ratings Limited.|
|Tenor||3, 5, 7, and 9 years|
|Payment Frequency||Half yearly|
|Basis of Allotment||First Come First Serve Basis|
|Debenture Trusties||Vistra Itcl India Limited|
NCD Allocation Ratio
|Category ?||NCD’s Allocated|
NCD’s Offered by Category
Indore Municipal Corporation Financial Information (Consolidated)
|Period Ended||Total Assets||Total Revenue||Profit After Tax||Reserves and Surplus|
Indore Municipal NCD February 2023 Subscription Status
The Indore Municipal NCD February 2023 was subscribed 0.41 times on Feb 14, 2023 5:00:00 PM. The NCD subscribed 0.30 times in Retail, 0.02 times in HNI, 1.31 times in Non-Institutional, and 0.00 times in the Institutional category.
Indore Municipal NCD February 2023 Lead Manager(s)
- A.K. Capital Services Limited
- Sbi Capital Markets Limited