Indore Municipal Corporation’s public issue of green bonds to open for subscription on February 10



Indore February 10, 2023.

Indore Municipal Corporation (“IMC” or “Corporation”), established in the year 1956 under the Madhya Pradesh Municipal Corporation Act, 1956 has filed offer document for public issue of rated, listed, taxable, secured, redeemable, non-convertible green municipal bonds of the face value of Rs. 1000 each(comprising of 4 (four) separately, transferable and redeemable principal parts (“STRPP”) namely 1 STRPP A of face value of ₹250/-, 1 STRPP B of face value of ₹250/-, 1 STRPP C of face value of ₹250 and 1 STRPP D of face value of ₹250/-). The Issue opens on February 10, 2023 and closes onFebruary 14, 2023.

The Green Bonds Issue offers coupon rate of 8.25% p.a. payable half yearly and effective yield of 8.42%per annum. The NCDs are proposed to be listed on National Stock Exchange of India Limited (“NSE”) (the “Stock Exchange”)with NSE as the Designated Stock Exchange for the Issue.The Green Bonds have been assigned a rating of ‘CARE AA: Stable’ by CARE Ratings Limited and ‘IND AA+/Stable’ by India Ratings & Research Private Limited.

The Green Bonds have a tenor of 3 years (STRPP A), 5 years (STRPP B), 7 years (STRPP C) and 9 years (STRPP D). Effective yield (per annum) for NCD holders in Category I (QIB), Category II (Corporate), Category III (HNI) and Category IV (Retail Individual) for tenor 3 years, 5 years and 7 years is 8.41% and for STRPP D with 9 years tenor is 8.42%. Interest payments is through various modes, i.e., Direct Credit, NACH, RTGS, NEFT and Registered Post/Speed Post.

The Net Proceeds from the Issue are proposed to be utilized towards installation of 60 MW Ground Mounted Captive Solar PV Power Plant at village Samraj&Ashukhedi, District Khargone in Madhya Pradesh (“Project”).

Lead Managers to the Issue are A.K. Capital Services Limited and SBI Capital Markets Limited and Vistra ITCL (India) Limited as trustee. Registrar to the Issue is KFin Technologies Limited.